The Institute of Engineers Rwanda (IER) and MUA Insurance signed a partnership agreement at MUA’s headquarters on Wednesday, October 28, to give Engineering Practitioners access to tailored insurance products, discounted rates and practical risk-management training.
The agreement was signed by IER President and Governing Council Chairman Eng. Philbert Mbanza and MUA’s Konde Bugingingo.
The partnership covers the broad professional community represented by IER, including Engineering Technologists, Engineering Technicians, Engineers and engineering consulting firms. Mbanza said it would help members secure cover suited to the different risks they face in design, construction and on-site work.
“We thought having one insurance company that we can work with and structure it to benefit our members would be more profitable for the insurance company itself and for us,” Mbanza said. “When you come with numbers, it’s easy to negotiate and structure it in a way that our members can benefit.”
He said MUA was selected after discussions with several insurers because it showed strong interest and offered a broad range of cover. The agreement will also provide a new reason for Engineering Practitioners to join the Institute, which has more than 5,000 members and is growing by about 25% a year, he said.
Among the products under discussion is professional indemnity insurance, which Mbanza said should become a necessity for practising Engineering Practitioners, even though it is not currently mandatory.
“We cannot guarantee that our members will not have any mistake, error or oversight in whatever they do,” he said. “We think all that should be covered by professional indemnity cover.”
Bugingingo said the partnership would allow MUA to develop products around Engineering Practitioners’ distinct needs, while drawing on risk data to help identify hazards and improve safety.
“Engineering Practitioners should be focused on designing, crafting and creating what we seek for tomorrow,” he said. “Their role should be made easier when it comes to risk management within their job.”
He said pooling members could make cover more affordable than buying individually. MUA plans to tailor services for those who design projects, work on sites or carry out construction, since each group faces different risks.
The partnership will also include continuous professional development sessions, workshops and exhibitions. Bugingingo said the two organisations plan to help Engineering Practitioners and their clients understand risks earlier, from project planning through construction and occupation.
Mbanza said the collaboration would bring benefits beyond insurance, including greater public confidence in infrastructure projects. “The benefit that is going to come very soon is visibility,” he said, as well as assurance that risks are covered.
Bugingingo said insurance should be part of how businesses operate, rather than an afterthought. He put Rwanda’s insurance penetration rate at 1.8%, compared with 85% for banking.
“Insurance will be penetrated into society by ensuring that insurance becomes part of the process, not a by-the-way,” he said.
