Rwanda unveils new strategy to scale insurance penetration
Rwanda unveiled its first national insurance strategy Wednesday with an ambitious target to scale penetration from 1.9% to 5% by 2035.
The launch by the Ministry of Finance and Economic Planning took place at the ongoing Inclusive FinTech Forum in the capital Kigali.
“The strategy sets bold targets to expand insurance penetration, increase coverage, and grow sector assets, reflecting Rwanda’s commitment to building a more robust, inclusive, and digitally enabled financial ecosystem that supports sustainable economic growth,” Minister of Finance and Economic Planning Yusuf Murangwa said at the launch.
He said the strategy described as a major step toward resilient and inclusive financial future positions insurance as a key pillar for strengthening economic resilience as the country advances toward its development ambitions.
The government intends to increase policyholder coverage from 27% to 45% by 2035, and increase insurance sector assets from 6% to 16% of gross domestic product (GDP) by the same period.
The government will undertake different initiatives to achieve set targets. These include conducting public awareness and education, digital transformation, developing customer focused products, and universal coverage and inclusion.
The strategy will be implemented in four phases, with quick wins expected to be achieved in the first two years. The government is to establish a secretariat to drive implementation, according to the ministry.
This landmark initiative positions insurance as a key pillar for economic resilience and the country's journey to upper-middle-income status by 2035 and high-income status by 2050, the ministry said.
