Bank of Kigali enters the life insurance market

Bank of Kigali, a Rwandan commercial bank, is considering investing in life insurance.

The financial institution, already present in the non-life market, is in talks with local life insurers. A decision shall be taken between 2020 and early 2021.

The Rwandan life insurance market witnessed a growth of 17% between 2014 and 2017 far exceeding that of the non-life growth rate (9%).

Moreover, the growth of the middle class, the low penetration rate (1.6%) and the absence of competition make good development prospects for the life activity.