Rwanda’s insurance sector has expanded, but the next step is helping more people find cover that fits their needs and supports them when illness, bad weather or another shock disrupts their lives.
That was the focus of a presentation by Herbert Asiimwe, Head of Financial Sector Development at the Ministry of Finance and Economic Planning, at the International Conference on Inclusive Insurance in Kigali on October 20.
The presentation puts sector assets at Rwf1.14 trillion, about twice their 2020 level, and lists 18 licensed insurers.
The National Bank of Rwanda recorded assets of Rwf1.141 trillion in December 2024. Public medical insurers held 61.8% of that total, so the figure covers the wider insurance sector, not private insurers alone.
FinScope 2024 found that 27% of adults, about 2.1 million people, used insurance, up from 17%, or about 1.2 million, in 2020.
The presentation also cites 96% financial inclusion, but access to financial services does not necessarily mean a person has insurance.
It separately puts private policy ownership at 7.5%, with a target of 15%.
The National Insurance Strategy aims to raise insurance penetration from 1.9% of GDP to 3% by 2030 and 5% by 2035.
It targets adult insurance coverage of 35% by 2030 and 45% by 2035, while sector assets are expected to rise from 6% to 12% and then 16% of GDP.
One target in the slides needs correction: they put insurance density at Rwf40,000 per person by 2035, while the Ministry’s published strategy sets it at Rwf45,000, up from Rwf25,000.
The strategy was launched in March; Asiimwe’s October presentation outlined its priorities at the conference.
The presentation highlights farmers and SACCO members as groups the strategy could reach more effectively. It lists about 190,000 farmers covered by the National Agricultural Insurance Scheme, against a target of one million by 2030, with the government subsidising 40% of premiums.
Rwanda’s SACCO network has 4.26 million members, but the deck says only about 2.3% are reached by insurance. In a diagnostic study it cites, 94.2% of respondents wanted cover through their SACCO, while 81.3% said a shock had affected their ability to repay a loan.
The study reported average non-performing loans of 8.3%, above the 7% reference cited in the presentation. Its recommendations include loan-linked cover and a drought pilot in the Eastern Province.
The need for cover is also clear in mining. Rwanda’s mining and quarrying sector employed about 92,000 people in 2025, according to the Finance Ministry. The presentation says roughly 97% work informally.
Among respondents in a study it cites, 85.2% said they would go unpaid after a week without work; 91.7% said heavy rain could stop work for three to five days, and 56.4% said they borrowed to cope.
Aline Uwimana, a mine worker in Gatsibo, previously told Taarifa that a week of rain-related stoppages made it difficult for her family to meet basic needs while two of her children were in school.
A proposed rainfall-based policy would trigger payments without requiring each worker to file an individual claim.
The study found that 99.4% of respondents would join and recommended a conditional pilot for 3,848 workers.
The Finance Ministry says a supervised pilot is still under consideration, with proposed payments of Rwf15,000 to Rwf25,000 per event.
The cover would complement workplace safety measures, not replace them. Safer working conditions can reduce the likelihood and severity of losses, and may help insurers offer more affordable premiums when that lower risk is reflected in pricing.
That link between prevention and insurance sits within the presentation’s wider argument: government and businesses should transfer more of the financial risks they face to insurers and reinsurers, rather than leaving families, companies or the state to absorb the full cost after a loss.
This reflects a broader global move towards sharing risk. The strategy’s eight pillars support that approach through public education, digital services, distribution via SACCOs and mobile networks, risk pooling, customer-focused products, regulation, social protection and climate resilience.
The presentation says 86% of adults use mobile money, while few policies are bought or paid for digitally.
At the conference, National Bank Governor Soraya Hakuziyaremye said insurance penetration should be “a means, not an end.”
Andrew Kulayige, Chairperson of the Rwanda Insurers Association, called for a “better-value proposition, affordable and reliable.”
Citing global natural-catastrophe losses of about US$269 billion in 2023, he noted that only around 40% was insured, leaving roughly US$160 billion uninsured. He also urged participants to turn conference discussions into practical action.
The strategy’s progress will depend on whether people can afford the cover, understand its terms and trust that it will respond when needed.
The studies cited in the presentation point to promising routes through SACCOs, agriculture and climate cover, while their survey findings should be read as expressed interest rather than confirmed enrolment.
