The Ministry of Finance and Economic Planning of Rwanda has presented the country’s very first National Insurance Strategy (NIS). According to an official statement, this strategic framework positions the insurance sector as a key lever for economic resilience, in line with the country’s ambition to achieve upper middle-income status by 2035, and then high-income status by 2050.
The strategy sets several quantified objectives to be achieved by 2035, including increasing the insurance penetration rate from 1.9% to 5%, raising insurance density from 25,000 Rwandan francs (approximately $17.15) to 45,000 francs, expanding the coverage of the insured population from 27% to 45%, and increasing the sector’s assets from 6% to 16% of GDP.
Developed by the National Bank of Rwanda, the central bank, this roadmap aims to guide reforms aimed at improving the accessibility, efficiency, and reliability of insurance services. It also aims to stimulate innovation and strengthen private sector involvement.
The strategy is based on eight major pillars: public awareness and education, digital transformation, inclusion and expansion of coverage, financial sustainability, development of customer-centric products, governance and regulation, integration into social protection, as well as strengthening resilience to climate risks and disasters.
Concrete actions are planned for each of these pillars to ensure the achievement of the set objectives. The implementation will be carried out in four phases, with expected results as early as the first two years.
