KIGALI – National Bank of Rwanda (BNR) Governor Soraya Hakuziyaremye has said insurance should be treated as a key pillar of economic development, arguing that it plays the same foundational role in an economy as roads, electricity and digital infrastructure.
Speaking at the Africa CEO Forum 2026 in Kigali, Hakuziyaremye joined Africa Reinsurance Corporation (Africa Re) Director General Corneille Karekezi to discuss how insurance and reinsurance can help African economies become more resilient and attract long-term investment.
Their message was clear: Africa’s low insurance penetration is not because risks on the continent are too difficult to insure, but because many countries have not yet built strong systems to manage those risks effectively.
The discussion looked at both insurance, which covers individuals and businesses directly, and reinsurance, through which insurance companies transfer part of their exposure to larger specialized firms.
Hakuziyaremye said insurance is becoming increasingly important in strengthening modern financial systems.
“Insurance is an essential pillar of modern financial systems,” she said. Adding that it plays a critical role in enhancing economic resilience, protecting investment and supporting inclusive growth.
She explained that countries with well-developed insurance sectors are better able to help households and businesses recover from natural disasters, economic shocks and other unexpected events.
For Rwanda, she said, a strong insurance industry will be essential to achieving the country’s long-term development goals.
“To achieve Rwanda’s goal of becoming an upper-middle-income country by 2035 and a high-income country by 2050, we need a strong, inclusive and sustainable insurance sector capable of protecting citizens, businesses and public investments from emerging risks,” she said.
Rwanda is implementing this vision through the National Insurance Strategy, which aims to build a people-centered, technology-driven and financially inclusive insurance sector aligned with the country’s broader development agenda.
“This strategy is designed to create a resilient insurance sector that protects households and businesses, mobilizes long-term savings and supports inclusive economic growth,” Hakuziyaremye said.
Participants at the forum agreed that insurance should no longer be viewed simply as a financial service, but as strategic economic infrastructure that helps countries manage risk, protect capital and create confidence for investment.
Rwanda’s insurance sector has grown steadily in recent years, reflecting this shift in policy and mindset.
According to BNR data, the sector’s total assets more than doubled from Rwf505.6 billion in 2019 to Rwf1.212 trillion by June 2025.
That represented an increase of Rwf71 billion in just six months, from Rwf1.141 trillion recorded in December 2024.
As of June 2025, Rwanda had 18 insurance providers, including 16 private companies and two public institutions—RSSB and Military Medical Insurance (MMI), which provide health insurance services.
The market comprises nine non-life insurers, three life insurers, one microinsurance provider, one reinsurer, one health insurer and the Community-Based Health Insurance scheme, commonly known as Mutuelle de Santé.
The sector is also supported by 14 insurance brokers, two reinsurance brokers and 11 bancassurance providers offering insurance products through banks.
Insurance penetration in Rwanda stood at 1.9 percent of GDP in 2024 and is projected to rise to 3.2 percent by 2029.
To help achieve this target, BNR is preparing a new round of reforms aimed at strengthening the regulatory framework, broadening access to insurance products and deepening the sector’s contribution to national development.
