Patrick Nzabonimpa<\/b><\/p>\n
Africa-Press – Rwanda. <\/strong><\/span>GCR Ratings (GCR) has assigned MUA Insurance Rwanda Limited\u2019s (MUA Rwanda) an initial national scale financial strength rating of AA-(RW), with the outlook accorded as stable. The recognition reflects the company\u2019s outstanding performance in terms of financial strength, stability, and its commitment to fulfilling its obligations.<\/p>\n Formerly known as Phoenix of Rwanda Assurance Company Ltd, MUA Insurance Rwanda Ltd has been active in the Rwandan market since 2006. The company has shown a strong dedication to digital innovation and expanding insurance accessibility in the region.<\/p>\n According to Konde Bugingo, the Managing Director of MUA Insurance Rwanda Ltd, the recent rating obtained by the company signifies that policyholders should remain even more confident in the company\u2019s ability to pay claims.<\/p>\n He emphasised that anyone who works with them as a partner can also be assured of their commitment and strong financial position.<\/p>\n Konde Bugingo, the Managing Director of MUA Insurance Rwanda Ltd addresses journalits on the new certificate on Wednesday ,July 5. Photo by Dan Gatsinzi<\/p>\n Bugingo highlighted that the rating has increased their compliance from a regulatory standpoint, adding that partners and clients should view it as a significant commitment from the company, demonstrating their preparedness to offer reliable services and timely claims payments.<\/p>\n In addition to insuring large projects such as the Kigali International Airport in Bugesera, CIMERWA,<\/p>\n Prime Cement, I&M Bank Rwanda, and Access Bank, Bugingo mentioned that the company aims to launch a medical programme to complement their existing offerings.<\/p>\n The initiative seeks to address gaps in the market and the company plans to launch it upon approval from the Central Bank.<\/p>\n MUA Insurance Rwanda Ltd has been primarily focused on serving corporate and SME clients, ensuring fair pricing for retail customers as well.<\/p>\n Bugingo highlighted that the company operates across all sectors without any form of discrimination, adding that they actively engage in corporate social responsibility activities by supporting the community through various organisations, factors that also contributed to the important rating.<\/p>\n Francis Nkubana, the Chief Finance Officer of MUA Insurance Rwanda Ltd, stated that they achieved their credit rating through a rigorous process that began in April 2023 and concluded in June 2023.<\/p>\n Francis Nkubana, the Chief Finance Officer of MUA Insurance Rwanda Ltd speaks to journalists during a news conference on July 5. Dan Gatsinzi<\/p>\n He highlighted that the assessment encompassed various metrics, including the company\u2019s operational, business, and financial environments, as well as its interactions with international practitioners. The evaluation also scrutinised their earnings, capital base, solvency, and liquidity.<\/p>\n \u201cWe have the biggest reinsurance capacity and this GCR certificate will make us negotiate even further capacity and better pricing which will benefit our clients and market,\u201d he said.<\/p>\n Nkubana further highlighted that MUA Insurance Rwanda Ltd had successfully paid a claim of nearly<\/p>\n Rwf6 billion to a single client, a feat unmatched by any other insurer in the local market, demonstrating their strong financial standing and liquidity.<\/p>\n In 2022, the company recorded a profit of Rwf1.2 billion, a significant increase from the Rwf586 million generated in 2021. Nkubana asserted that MUA Rwanda currently holds an intermediate competitive position in the private non-life insurance market, including medical, in Rwanda.<\/p>\n As of 2022, the insurer commands a market share of approximately 8.3 per cent, which was 8.7 per cent in 2021. Excluding the medical insurance, MUA Rwanda\u2019s market share rises to about 12 per cent.<\/p>\n The insurer also experienced a premium growth rate of 15 per cent in 2022 and 17 per cent in 2021, which was slightly lower than the industry average of 20 per cent in 2022 from 21 per cent in 2021.<\/p>\n GCR Ratings (GCR) has assigned MUA Insurance Rwanda Limited\u2019s (MUA Rwanda) an initial national scale financial strength rating of AA-(RW), with the outlook accorded as stable<\/p>\n\r\n