Rwanda: Kagame Inaugurates New Rwf22 Billion Radiant Insurance Building

President Paul Kagame, on Thursday, May 23, inaugurated a Rwf22 billion new Radiant Insurance building, located in the central business district.

The nine-storey building that sits on 2,348 square meters, whose 80 percent of materials were sourced locally, will host the company's headquarters, World Bank and International Finance Corporation offices, commercial bank offices, and other institutions.

ALSO READ: Insurance sector makes first-time underwriting profit

Thanked for his contribution by allocating the plot of land which allowed the non-life insurance company to expand its activities in a bigger space, the Head of State said that it is the country's responsibility to support such projects.

"It is our wish that we see the promotion of investments and advancement of economic activities, be it in the Kigali, as the capital, or other secondary cities across the country."

He said that it is the government's responsibility to provide support wherever necessary, even with policies that enable the development of people in different activities, including similar investments. Commenting on the need to have policy reforms on claims coverage and premiums in the insurance industry, Kagame said that the institutions in charge will follow them up to fast-track the effective solutions.

The government and private sector stakeholders, he said, should meet at a central point in fulfilling the responsibilities that contribute to the development of the country, highlighting that it is always good when people use the provided support efficiently.

"This is just an example of what is possible. The fact that I came here to join you in inaugurating this building, is not only to support you but also for a building like this to serve as an example of what we can do, either in projects like these or in various other activities that are possible within our means."

"When you compare where we come from and where we are headed, you can clearly see the strides achieved in improving the quality of things because people continue to learn best practices and facing constant accountability," he added.

Mark Rugenera, the Managing Director of Radiant Insurance, thanked the investors, clients, and staff who contributed to growth of the insurance company, rising from $1 billion in capital when it started in 2013 to the current $6.5 billion, with assets valued at Rwf10 billion.

"The increase in assets demonstrates the confidence of investors and clients have in us. In 2023 alone, we collected Rwf12.5 billion in premiums and we paid more than Rwf11 billion in accident claims. This shows our commitment to serving our clients duly and on time."

In 2019, Rugenera noted, the company established Radiant Yacu, a micro-insurance company that expanded insurance services to the wider community of Rwandans at all levels.

Radiant remains the leading motor insurance provider in the market, especially motorcycle insurance that has been shunned by many insurers.

Radiant is a member of the pan African Network of Insurers, Globus, accessing a wider global network and international clients.

AllAfrica publishes around 500 reports a day from more than 100 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 as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.