Insurance firms should bring more innovative products on the market to help increase penetration levels, the National Bank of Rwanda BNR), has said.

John Rwangombwa, the central bank governor, said tailor-made products are essential to drive up the low insurance uptake in the country. Rwanda’s insurance penetration rate is still at only 2 per cent, one of the lowest in the region.

Rwangombwa challenged sector players to exploit this (low penetrate rate) and offer Rwandans products that suit their different needs and income levels. He also said there in need for more capital investment into the sector, noting that this will make the financial industry strong and vibrant.

Rwangombwa was speaking during the launch of Saham Assurance Rwanda, which rebranded from Corar Insurance. The Moroccan-based insurer acquired a 66.7 per cent stake in Corar in 2014.

Fettah Alaoui Nadia, the Saham Assurance general manager in charge of operations and finance, said the rebranding will give the company more visibility. He said the firm is committed to offering customers competitive and affordable insurance products.

The firm, operates in 26 countries, including Rwanda.