Rwanda targets 45% adult insurance cover by 2035
The National Insurance Strategy aims to boost penetration from 1.9% to 5% of GDP, covering 2.1 million adults.
Rwanda's insurance sector assets have doubled to Rwf1.14 trillion, with 18 licensed insurers now operating. The National Bank of Rwanda recorded Rwf1.141 trillion in assets by December 2024, with public medical insurers holding over 61.8% of this total. Currently, 27% of Rwandan adults, approximately 2.1 million people, use insurance, a rise from 1.2 million in 2020.
Herbert Asiimwe, Head of Financial Sector Development at the Ministry of Finance and Economic Planning, presented these figures at the International Conference on Inclusive Insurance in Kigali on October 20. The National Insurance Strategy aims to increase insurance penetration to 5% of GDP by 2035 and targets 45% adult coverage by the same year. Private policy ownership stands at 7.5%, with a goal of 15%.
The strategy also targets increasing insurance density to Rwf40,000 per person by 2035, up from Rwf25,000. Specific focus is placed on farmers and SACCO members, with a goal to cover one million farmers by 2030 under the National Agricultural Insurance Scheme, where the government subsidizes 40% of premiums. A proposed rainfall-based policy for mine workers aims to trigger payments without individual claims.
Why it mattersRwanda's insurance strategy aims to increase coverage for adults and specific groups like farmers and mine workers.