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The impact of COVID-19 on the Rwandan insurance sector
Dissemination of survey findings on the impact of COVID-19 on the Rwandan Insurance Sector.
The COVID-19 pandemic has affected and disrupted the operations of industries around the globe as containment and mitigation measures have restricted the movement of people, goods, and services.
Rwanda was the first African country to implement a national lockdown to curb the spread of COVID-19. Lockdown measures included the closure and suspension of domestic travel, schools, and places of worship, the ban of public gatherings, and restrictions on non-essential services. As the insurance sector was not initially considered an essential service, insurers’ operations, which to a large extent require physical interactions, were affected.
The COVID-19 pandemic, therefore, has had impacts on insurers’ ability to launch new products, conclude sales, collect premiums, service customers, process, and pay claims. At the same time, the pandemic is impacting insurers’ balance sheets as investment returns are negatively affected by the ensuing economic crisis triggered by COVID-19. More broadly, impacts on the economy may affect insurance demand and premium income.