After acquiring a stake of 67 percent in its shareholding in the second half of 2015, Saham Finances SA has rebranded Compagnie Rwandaise D’assurances Et De Reassurance (CORAR SA), Rwanda’s oldest insurance company.
The company-Corar AG ltd that had also an arm – Corar Vie ltd after separating non-life insurance from life insurance will change to Saham Assurance and Saham Assurance vie.
“The change of name is part of the brand unification process,” said Patrick Nouh, Chief executive officer, Saham Assurance while unveiling the new brand of the company to the media on Thursday.
The rebranding will come with introduction of innovative products as well as application of technology in the sector has not yet embraced use of ICT.
“With the new brand, we will be shifting from the traditional way of providing insurance products in the country to adoption of technology that will increase access and flexibility,” he noted
Saham Finances SA, a unit of Morocco-based investment firm, Saham Group with a presence in 26 countries and one of the biggest pan African insurance groups with a turnover of more than U$ 1 billion by end of December 2014.
“Saham Assurance is setting itself up as a single Pan African brand for all the groups’ insurance activities and position itself as a brand of international dimension with 650 branches,” he added.
Moreover, John Rwangombwa, Governor of Central bank noted that with the coming in of international investors like Saham Group there is optimism the sector challenges are likely to be addressed.
“We want insurance operations in Rwanda to go Digital so that they can be accessible by all people,” he said.
The Governor said that the Central bank will continue to work with the sector that now has 12 players to iron out the challenges of price undercutting which saw private insurers recording underwriting losses of worth Rwf 188 million in the first half of 2015.