Eight traders whose goods were destroyed in the GOICO Plaza fire in Musanze have received compensation from SanlamAllianz General Insurance, as the insurer steps up efforts to encourage more business owners to protect their investments against unexpected losses.

The compensation was announced during a sensitisation meeting with traders on Wednesday, where the company highlighted the importance of business insurance in safeguarding enterprises and ensuring business continuity when disasters strike.

The eight traders received more than Rwf120 million in total compensation, with individual payouts being based on the insured value of their respective property, according to the insurer.

The meeting, held under the theme "Turi Kumwe”, comes in the wake of a fire that affected more than 2,000 traders operating at GOICO Plaza, a commercial building in Musanze District, Northern Province.

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The meeting brought together traders, SanlamAllianz representatives and Northern Province Governor Maurice Mugabowagahunde.

Discussions focused on the importance of insuring both business premises and stock to ensure comprehensive protection against potential losses.

Traders also learnt about SanlamAllianz&039;s insurance services and how they can protect businesses against unforeseen disasters that could disrupt operations.

Alex Ntivuguruzwa, who previously operated a clothing and footwear business at the market, said the insurance payout had helped him following the loss.

"I was always worried about the possibility of a fire, so I decided to insure my merchandise because I believed it would give me security. I am grateful to SanlamAllianz for standing by us during this difficult time, and I am satisfied with the insurance compensation I received,” he said.

He also urged business owners to insure their businesses and property.

Vedaste Twagirimana, Corporate Sales Manager at SanlamAllianz Rwanda General Insurance Plc, urged traders not to view business insurance merely as a requirement imposed by banks, but as an investment in protecting their businesses.

"Don’t wait until a disaster strikes or affects your business. For example, if you have a building worth Rwf50 million, as a trader, you are not required to pay even half of that amount, but only Rwf94,000. It is not expensive; the issue is changing our mindset,” Twagirimana said.

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Alain Ngoga, Commercial Director at SanlamAllianz General Insurance, said the company acted promptly after learning about the fire to support affected clients with valid insurance policies.

"When we received the sad news, we immediately took a step to be with our clients. What we did was to rely on their insurance policies to compensate them for what they had lost,” he said.

Ngoga said that insurance penetration in Rwanda remains relatively low, at approximately 2 per cent, and urged traders to embrace insurance as an essential tool for protecting their businesses against unforeseen risks and financial losses.

"Eight of the traders affected by the fire outbreak at GOICO Plaza had insured their businesses against fire risks with SanlamAllianz General Insurance PLC. It is a small number. Our target is to increase that figure, which is why we need you to collaborate with us. Insurance is not as expensive as many people think. All you need is the commitment to work with us to protect your business operations,” he said.

Governor Mugabowagahunde urged traders to learn from the GOICO Plaza fire and make business insurance part of their business culture rather than treating it as a requirement.

"Our President always says that it is a mistake to fall twice. In line with this disaster that occurred here, having insurance should not be considered mandatory, but should become a culture among traders,” he said.

He underscored the impact of insurance on business owners, urging then to take the lessons from the incident seriously.

"You are the primary beneficiaries of having insurance. So, this should not be something to discuss any further. Let us learn from this experience.”

The Governor said the province's ambitions extend beyond insuring commercial buildings, adding that agricultural and farming activities should also be covered to protect farmers against potential losses.

He also cautioned traders against relying solely on insurance, urging them to take preventive measures by improving their knowledge of fire safety and learning how to use equipment such as fire extinguishers.