Rwanda’s Insurance Sector Surpasses 1,000 Billion Rwf, Eyes Further Growth

KIGALI - Rwanda’s insurance sector has more than doubled in value over the past six years, reaching 1,212.3 billion Rwf as of June 2025, according to statistics from the Central Bank of Rwanda (BNR). In 2019, the sector was valued at 505.6 billion Rwf, highlighting significant growth in recent years.

The sector saw an increase of 71 billion Rwf in just six months, rising from 1,141.1 billion Rwf in December 2024. BNR data indicates that 18 insurance companies currently operate in Rwanda, including 16 private firms and two public institutions - RSSB and MMI, which provide health insurance.

Among these, nine companies offer non-health insurance, three provide health coverage, and others specialize in low-income insurance, institutional insurance, medical insurance, and mutual health insurance (Mutuelle de Santé). The sector also comprises 14 insurance intermediaries, two supplementary insurance intermediaries, 11 bank insurance providers, 1,661 insurance agents, 32 loss adjusters, and six actuaries.

Growth has been driven by Gross Written Premiums, rising capital, and increased profits from investments. In state-owned insurers, premiums increased from 121.5 billion Rwf in December 2023 to 135.2 billion Rwf in December 2024, while non-state insurers saw premiums climb from 177.1 billion Rwf to 216.1 billion Rwf over the same period.

Motor insurance led growth in non-life coverage, rising by 26.2% to 67.6 billion Rwf in December 2024. Government bonds account for 33.2% of total sector assets, while 44% are invested in financial institutions such as commercial banks.

The Ministry of Finance and Economic Planning notes that general insurance remains the most popular product, accounting for 49% of all insurance, followed by motor insurance at 20%, long-term life insurance at 12%, medical insurance at 11%, and property insurance at 6%.

Currently, the insurance sector represents 1.9% of Rwanda’s GDP, with projections to reach 3.2% by 2029. BNR Governor Soraya Hakuziyaremye said reforms planned over the next decade aim to expand coverage and modernize the sector.

“We have a new strategy that will outline a comprehensive plan for insurance in Rwanda. It will encourage and educate the population to use insurance services and explore the introduction of new insurance products,” she told RBA.

In 2024, 27% of Rwandan adults held insurance policies beyond mutual health insurance, up from 17% (1.2 million people) in 2020, indicating growing uptake of insurance services nationwide.