Country Dashboards

13 mn
US$11 bn
Inflation rate

Insurance Premiums

Total Premiums
Insurance market data
Life premium volume (USD) 8 mn
Non-life premium volume (USD) 28 mn
Total premium volume 36 mn
Total premium volume (RWF) 21 bn
Insurance penetration: Premiums in % of GDP 0.59%
Insurance density: Premium / capita USD 3.58
Local currency RWF
Market Composition
Domestic life insurers 3
Domestic non-life insurers 11
Domestic composite insurers 0
Foreign life insurers 1
Foreign non-life insurers 5
Foreign composite insurers 0
Domestic reinsurers 0
Foreign reinsurers 2
State-owned insurers 2
State-owned reinsurers 0
Insurance intermediaries 16
Reinsurance intermediaries 1
Insurance Regulatory Authority
National Bank of Rwanda - BNR - KN6 Avenue; Kigali, Rwanda

Regulatory Provisions

Scope of insurance regulation and supervision
Overarching principle in insurance supervision Financial supervision
Requirement for minimum insurance rates Yes
Cross-border insurance allowed No
Bancassurance is allowed Yes
Allowed ownership structures Stock Companies, Mutuals
Foreign ownership restrictions Yes
Minimum capital requirement RWF 5,000,000,000
Minimum paid-up share capital RWF 5,000,000,000
Requirement for independent audits Yes
Requirement to appoint actuaries Yes
Premium rate approval needed No
On-Going Supervision
Solvency referred to as the difference between assets and liabilities Yes
RBC (Risk-based capital) principles applied Yes
Ceded reinsurance is regarded as a permissible asset Yes
Compulsory insurance lines Motor TPL, Workman compensation,
Compulsory reinsurance cessions Yes
Insurance companies in difficulties
Established guarantee or policyholder protection fund Yes
The Africa Re office that supports this location is: