Diversification of insurance products

The secretary general of the association of Rwandan insurers) has called upon local companies to diversify their insurance products in order to attract more customers. He also added that the recent entry of UAP and Radiant in the market is positive but may be inadequate because insurers are not innovative enough, with most of them simply settling with the sale of third party liability, motor and health policies.

No insurer has embarked on microinsurance deeming its potential to be substantial. The country counts ten insurers, six brokers and about 160 insurance agents for a penetration rate of less than 1% versus 3% for the whole continent.