On Friday, March 12th, UOB has been approved as insurance agency by the National Bank of Rwanda. It is the first official license for any bank in Rwanda. Historically, banks have been engaged in insurance business, primarily bancassurance on life, without license. From 2010, they should now have to be licensed if they want to continue the business. UOB is the first bank to be approved by the central bank.
UOB will work with MicroEnsure, Opportunity International's micro insurance business unit, and SORAS, the second largest insurance company in Rwanda. MicroEnsure is the world's largest micro insurance broker. It has secured a special permission from Hollard, South Africa, to form a captive cell that can design microinsurance products and process the insurance claims with full delegated authority. The insurance book will then be re-insured to AfricaRe.
Microinsurance is new to Rwanda. So we are excited to be the first institution that brings the risk management tools to the Rwandan poor.
Lord, may this opportunity bring many Rwandan poor the equal access to various insurance products as the well-off! - Jeffrey
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