Prime unveils fire insurance cover for low-income earners

Ordinary Rwandans could soon be able to safeguard their property against fire, thanks to a new insurance product introduced on the market by Prime Insurance. John Bugunya, the chief executive officer, said the product will see clients buy premiums against fire for as low as Rwf1,000 per month. Bugunya said they are targeting small business people and home owners, who he said are reluctant to buy insurance cover despite the numerous fires that occurred last year. “We want to create public awareness on the risks posed by fires, as well as how we can prevent some of these risks,” he said during the product launch on Thursday in Kigali. He said many of the businesses and property that were lost had not been insured, making it hard for owners to restart the enterprises. Bugunya explained that the Rwf1,000 monthly contribution was based on the factor that insuring such property usually costs about one per cent of its total value. This, he said, makes it affordable for the majority of Rwandans. Dieudonne Mutaganda, the Inspector of Police in charge of fire training and rescue division, said 34 fires were reported last year, 12 of which were serious. “We urge people to insure their property, and to call us on time whenever there is a fire outbreak,” he said. business@newtimes.co.rw

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Prime unveils fire insurance cover for low-income earners