The Rwanda Association of Insurers (ASSAR) pledged faster processing of insurance claims for traders affected by the fire that gutted GOICO Plaza in Musanze District on Saturday, October 10.

Andrew Kulayige, chairperson of ASSAR, said the insurance industry was working to establish how many of the affected traders had insurance and to ensure eligible claimants received compensation as quickly as possible.

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"We are trying to establish how many of those affected are insured, working with different insurers to ensure the traders are restored to the position they were in before the fire,” Kulayige said.

He warned that delays in supporting affected small and medium-sized enterprises (SMEs) could worsen their financial difficulties, particularly those with outstanding bank loans.

Kulayige said the industry had committed to prioritising claims from insured traders affected by the disaster.

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He also highlighted a common gap in insurance coverage saying that while commercial buildings may be insured against fire, individual traders renting space inside them may not have cover for their own stock, furniture, computers and other equipment.

He explained that insurance policies covering a building do not automatically protect the goods and equipment belonging to businesses operating within it.

He urged traders, particularly those renting premises, to obtain insurance for their stock and other business assets to protect themselves against future losses.

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He added that ASSAR was discussing ways to improve insurance coverage for small businesses, potentially working with the Private Sector Federation (PSF) and other partners.

Documents needed for claims

He said traders seeking compensation would need to provide supporting documents to help insurers verify their losses, including records showing the value of their stock and a police report documenting the incident.

He said traders did not necessarily need sophisticated digital inventory systems, but should maintain reliable records of purchases, sales, imports and remaining stock.

"For example, if you claim that you had stock worth Rwf1 billion, that stock should be recorded somewhere. There should be records of what you bring in and what you sell,” he said.

Import documents, tax records and basic business accounts could help establish the value of goods held before the fire, he added.

He said the police report was also required, noting that the documentation process should not take more than two days in straightforward cases.

He urged insurers covering traders affected by the fire to process their claims promptly once the required documents had been submitted.

More than 2,000 traders worked in GOICO Plaza. The number of insured businesses in the market building has yet to be established. An initial assessment estimated that goods worth Rwf30 billion perished in the fire, according to the Governor of Northern Province. The building valued at Rwf17 billion was also insured.