The insurance industry in Rwanda is regulated by the Insurance Regulatory Authority (IRA), which was established in 2007.The IRA is a government body that has been tasked with ensuring that insurers comply with the laws and regulations of the country. It also ensures that all insurers are financially sound and well managed, so as to protect policyholders’ interests.The IRA regulates all insurance companies and intermediaries operating in Rwanda, including commercial banks, microfinance institutions, cooperatives and non-governmental organisations (NGOs).
Best Insurance companies in Rwanda
1. Insurance Company of Rwanda (ICR)
Insurance Company of Rwanda (ICR) is the leading insurance company in Rwanda. It has been operating since 1962. In 2015, ICR became the first Rwandan company to be publicly listed on the Nairobi Securities Exchange’s Main Board, with a market capitalization of over US$140 million. ICR is also listed on the Rwanda Stock Exchange (RSE), where it trades under the symbol “ICR” and is included in the RSE All Share Index.
2. Green Cover Insurance Limited
Green Cover Insurance Limited (GCIL) is a private insurance company that was established in July 2000 by a group of Rwandan investors with regional and international partners. The Group specializes in providing insurance services across a wide range of business sectors including general risks, property, aviation and marine cargo, engineering, construction and project risks.
3. African Life Insurance Company Limited
African Life Insurance Company Limited (ALICO) was launched as an independent subsidiary of African Development Bank (AfDB). The Bank’s objective through ALICO was to assist its member countries by providing innovative financial services to individuals and small-scale businesses that were not being served.
4. AXA Rwanda
AXA Rwanda is a member of the AXA Group, one of the world’s leading financial services groups with a strong presence in 63 countries and over 88,000 employees worldwide. The company was established in 1967 as the first insurance company in Rwanda and has continued to expand its operations in line with the country’s economic growth.
AXA Rwanda offers a wide range of products and services, including life insurance, health insurance, property & casualty insurance, asset management, investment solutions and banking products. The company has over 1 000 agents across the country who help clients make informed decisions about their financial well-being by providing advice on all aspects of insurance.
5. Bancassurance Mutuelle SA (BANCOBANK MUTUELLE)
Bancassurance Mutuelle SA is a subsidiary of Banque de Kigali SAC (BK). It was established in 1997 as an authorized insurer by the National Bank of Rwanda (BNR), which granted it a license to sell life insurance products on behalf of BK.
6. ALLIANCE INSURANCE BROKERS
ALLIANCE INSURANCE BROKERS is the leading insurance broker in Rwanda with a nationwide reach, providing services to over 50 companies and over 100,000 clients. The company has been licensed by the Insurance Regulatory Authority (IRA) since 2012 and has a long-standing reputation as one of the most trusted providers of insurance in Rwanda.
The company currently offers a wide range of insurance products including motor, property and liability policies as well as travel, health and life cover. It also offers reinsurance services through its strategic alliances with global partners such as Munich Re, Zurich Insurance Group and Liberty Life Assurance Company Limited among others.
7. PHOENIX OF RWANDA ASSURANCE COMPANY
Phoenix of Rwanda Insurance Company Limited is a leading insurance company in Rwanda.
The Head office of Phoenix of Rwanda Insurance Company Limited is located at 30th Street, along Kigali city Centre (in front of BEER LAFER). The Company has an operational network across the country with its branches in Butare, Cyangugu, Gisenyi and Kibuye. Phoenix of Rwanda Insurance Company Limited is a member of the Phoenix Group which is one of the largest private sector groups in East Africa with operations spanning across Kenya, Uganda, Tanzania and now Rwanda.
The Phoenix Group was established in 1988 as a joint venture between Kenya Life Assurance Company and Commercial Bank Kenya Ltd., with a mission to become one of Africa’s leading financial services groups by expanding into other countries around East Africa.
8. Royal Sun Alliance Insurance Company (RSA)
The Royal Sun Alliance Insurance Company Ltd is a subsidiary of the Royal and Sun Alliance Group, a multi-national insurance company. It is one of the largest insurance companies in Rwanda, with about 90% market share as at June 2018 according to the Insurance Regulatory Authority (IRA). It currently offers life insurance products such as whole life, endowment and pension plans; health cover such as medical aid and accident insurance; property cover such as home contents and landlord policies; travel cover; vehicle cover including motor vehicles and motorcycles; commercial lines insurance; public liability; personal liability; marine cargo risks and marine hull risks.
9. UTMOST INSURANCE BROKERS
Cooperative Union of Savings & Credit Societies (CUSCS) was established on 1st March 2000 by virtue of Act No. 3/2000. The cooperative was set up in response to the need for an institution that will provide financial services to all Rwandans irrespective of their status or gender. CUSCS operates under a cooperative model where members share responsibility for managing their affairs democratically through active participation in decision making processes at all levels of operations within the cooperative society.
10. OPTIMUM INSURANCE BROKERS
OPTIMUM INSURANCE BROKERS is the largest insurance company in Rwanda. It was established in 2004, and offers a wide range of products and services to individuals and businesses. AXA Insurance provides life insurance, health insurance, property and casualty insurance, retirement savings plans and more. Its headquarters are located in Kigali City Centre.