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The Future of Insurance in Rwanda

Insurer-Led Innovation and Integration in a Changing World

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Andrew Kulayige

CEO, Britam Insurance Rwanda

Chairman, ASSAR

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Global Context: Insurance in a Changing World

Digital Disruption: fintech, AI, mobile money transforming insurance

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Evolving Risks: climate change, pandemics, cyber threats

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Customer Expectations: affordable, convenient, inclusive products

Opportunities for Integration:

partnerships with banks, telcos, tech

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Rwanda’s Insurance Landscape

  • Low penetration (~2.1% of GDP vs ~7% global average)�
  • 14 insurers, fragmented market, dominated by motor.�
  • Mergers (e.g. BK + Sonarwa) boosting scale.�
  • BNR formulating new innovation strategy.

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Rwanda’s Key Challenges & Needs

  • Climate risks – floods, droughts, landslides.��
  • Low formal employment, high informal sector.��
  • Limited disaster financing & fiscal strain.��
  • Youth unemployment (~23.4%), low savings culture.��
  • Financial exclusion of informal economy.

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Climate Risk & Disaster Protection

  • NAIS: subsidized crop & livestock insurance (40% subsidy)�
  • Parametric insurance – payouts triggered by rainfall data�
  • Disaster Insurance Fund & African Risk Capacity.�
  • Specialist reinsurers (ASR) enable catastrophe & agri-risk cover

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Inclusive Insurance: Reaching the Informal Sector

  • Community-Based Health Insurance (Mutuelles): >90% coverage�
  • Microinsurance: affordable, simple policies for low-income�
  • Flexible payment via mobile money/airtime.�
  • Education & trust-building crucial for adoption

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Driving Innovation: Digital Transformation

  • Mobile-first insurance distribution.�
  • InsurTech for automation & personalization.�
  • BNR support: innovation strategy, sandbox approach.�
  • Emerging products: micro-pensions, cyber, telematics motor.

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Global Best Practice – Kenya & Ghana

Kenya: M-PESA enables insurance via mobile money

APA ‘Upendo’ & ACRE Africa – digital agri solutions

Ghana: Tigo & Bima ‘freemium’ microinsurance – 1M+ insured

Lesson: telco partnerships drive mass adoption

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Global Best Practice – India & Philippines

India: PMJJBY & PMSBY microinsurance – 500M+ covered

Crop insurance with satellite data

Philippines: 28M+ with microinsurance (2014), 50M by 2020

Lesson: Simplified regulation + cooperatives drove success

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Global Best Practice – South Africa & Colombia

South Africa: 11% penetration, Discovery, Vitality, shared-value model

Funeral Insurance + Retail Distribution

Columbia: Utility billing for microinsurance uptake.

Lesson: Diversify distribution channels

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Strategic Partnerships: Banks, Telcos & Reinsurers

Bancassurance – banks as insurance catalysts

Telcos (MTN, Airtel): bundling insurance with airtime/mobile money

Specialist reinsurers – agriculture, catastrophe, cyber risk

Lesson: Integration creates win-win ecosystems

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Roadmap for Rwanda

  • Customer-centric product design.�
  • Expand digital channels.�
  • Strengthen trust through fast claims.�
  • Capacity-building & youth agent inclusion.�
  • ASSAR: collective awareness campaigns & innovation pilots.

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Conclusion

  • From challenge to opportunity – untapped market�
  • Insurer-led innovation & integration needed.�
  • Trust, technology, and teamwork as pillars.�
  • Together, regulators, insurers, and partners can secure Rwanda’s future

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Thank You

Britam Public