The impact of COVID-19 on the Rwandan insurance sector
The COVID-19 pandemic has affected and disrupted the operations of industries around the globe as containment and mitigation measures have restricted the movement of people, goods and services.
Rwanda was the first African country to implement a national lockdown to curb the spread of COVID-19. The pandemic has had impacts on insurers’ ability to launch new products, conclude sales, collect premiums, service customer and process and pay claims. At the same time, the pandemic is impacting insurers’ balance sheets as investment returns are negatively affected by the ensuing economic crisis triggered by COVID-19. More broadly, impacts on the economy may affect insurance demand and premium income.
The focus note highlights the findings from stakeholder interviews and a rapid industry survey rolled out by AFR, in partnership with Cenfri and the Rwanda Insurers Association (ASSAR), to understand the extent to which Rwanda’s insurance sector has been affected by COVID-19 and identify the key challenges and opportunities arising from the crisis.