SONARWA LIFE and Sonarwa general insurance paid a total of Rwf 3.79bn in net claims last year, up from Rwf 2.22bn in 2012.
The companies had a net production of Rwf 8.2bn up from Rwf 7.6bn in the same period.
Speaking in an interview, Allen Karungi Gatete, the corporate communications manager, said that in spite of the increase in under-written policies, there was still need for people to buy insurance products because they are affordable.
"People have misconceptions that insurance isn't affordable or that only certain things are supposed to be insured," she said.
Emphasising the importance of insuring property, Karungi said that if one bought cover at Rwf 60,000 for an asset worth Rwf 10m, they can be assured of replacing it in case something went wrong with it.
Insurance penetration levels remain low in Rwanda with many only going for the mandatory medical and motor vehicle insurance covers.
According to Jean Pierre Majoro, the Rwanda Association of Insurers executive secretary, it's up to the 10 players in the market to tussle it out and see that they diversify and offer more products and services in order to attract more clients.