The Rwanda Agriculture and Animal Resources Development Board (RAB) has launched a subsidised insurance scheme for greenhouse agriculture. It aims to protect farmers against climate-related catastrophes and attract investments.
The Ministry of Finance and Economic Planning has unveiled Rwanda's first National Insurance Strategy (NIS). This positions insurance as a critical pillar for economic resilience, aligning with Rwanda's ambitious vision to achieve upper-middle-income status by 2035 and high-income status by 2050, the ministry said in a statement.
Rwanda has taken a major step toward enhancing its financial preparedness against climate-related disasters with the validation of the Disaster Risk Financing (DRF) Diagnostic Report and Strategy, the Ministry in charge of Emergency Management said in a recent statement.
The Rwandan government has outlined new priorities to increase financial support for farmers, cooperatives, and small and medium-sized enterprises engaged in green agriculture under the Fifth Strategic Plan for Agriculture Transformation.
BK Group, the biggest financial services group in Rwanda, has announced plans to merge its subsidiary BK General Insurance with Rwanda Social Security Board (RSSB)-owned Sonarwa General and Sonarwa Life Assurance. The objective of the move is to increase and consolidate market share.
The board of directors of BK Group has approved the establishment of a new insurance group through a merger of BK General Insurance, Sonarwa General Insurance and Sonarwa Life Assurance.
Motorcycle insurance premiums are rising fast, rising to RWF180,000 ($132) at present from RWF40,000 in 2018 for a motorcycle that is less than five years old. The premium is expected to be hiked again when the motorcycle is over five years old.
Nairobi-headquartered financial services group, Equity Group, is piloting its insurance services in the Democratic Republic of Congo (DRC) ahead of a plan to roll out the business across its regional markets.
Statistics from the Rwanda Insurers Association (ASSAR) show that there was a fall in the number of people who acquired fire insurance from 28,625 customers in 2019, to 28,495 in 2020, and 25,927 in 2021.
French development institution Proparco has acquired a stake worth $10m in Mauritian insurance company MUA, which has a presence in several markets in Africa.