According to released figures, the number of vehicles involved in road accidents has significantly increased in recent years.
In 2020, there were 6,351 accidents but the number increased to 14,591 accidents, and reached a new record in 2022 with 17,179 accidents.
This constant increase in the number of accidents is a hindrance to the profitability of the insurance sector, as pointed out by the Governor of BNR, John Rwangongwa.
This situation is mainly due to the high number of accidents involving motorcycles, which now exceed those involving cars, according to the Vice Governor of BNR, Soraya Hakuziyaremye.
However, despite these challenges, the Vice Governor emphasized that other aspects of the insurance sector were stable and profitable.
It is clear that authorities need to take measures to reduce the number of road accidents in Rwanda. These measures could include awareness campaigns, stricter speed controls, and tougher actions against reckless drivers.
In the meantime, insurance companies in the country will have to deal with these high costs, which could impact insurance premiums and insurer profits.