10 August 2018

Rwanda: Insurance Sector Harmonises Motor Vehicle Insurance Certificates

Local insurers will, beginning September, adopt harmonised motor insurance certificates which will replace certificates issued by individual firms.

The move by Rwanda Insurance Association is aimed at bringing uniformity of proof of Motor Third-Party Insurance across the insurance market.

According to the chairman of the association Gaudens Kanamugire, the move is also aimed at enabling law enforcers discern between real and fake documentation.

The new documentation will also reduce the use of counterfeits which a section of industry players say has increasingly become popular in the sector.

Under the new harmonised system, the motor insurance certificates are categorised under private vehicles (Yellow certificate), Commercial vehicles (Blue certificate) and passenger service vehicles (red certificates).

According to Kanamugire, the new certificates also have a QR code, which can be scanned via smartphone to reveal the certificate class and its serial number.

The certificates will be issued beginning September this year. However, motor vehicle insurance certificates issued previously will remain valid until their expiry.

The new certificates are part of a move by Association of Insurers, (ASSAR), to safeguard the insurance sector and improve professionalism and returns.

New developments in the insurance sector include a recent revision of insurance premiums for motor vehicles, which is being implemented in two phases.

The increment is being implemented in two phases beginning with 60 per cent and then 40 per cent.

There are about 16 licensed insurance firms in the country but a significantly low insurance penetration rate, less than 4 per cent.

The sector is making adjustments and progress in recent months with the solvency ratio of the sector improving significantly in 2017 to stand at 193 per cent at the end of the year.

Rwanda

Six Top Officials Arrested Over Embezzling Public Funds At Industrial Research Agency

Rwanda Investigation Bureau (RIB) has arrested six officials including former Director General of the National… Read more »

See What Everyone is Watching

Copyright © 2018 The New Times. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 600 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.