Rwanda insurance sector premiums have hit Rwf38 billion on the back of a growing number of players.
The growth, according to players has also been fuelled by current regulation and support from the Africa Insurance Organization.
To sustain this growth, Jean Baptiste Ntukamazina, the Chairman of the Rwanda Insurers Association (ASSR) reiterated the importance of technology and research in the insurance sector saying it could be used to harness more business and improve the lives of consumers.
Nonlife insurance business raked in more premium recording Rwf30 billion while life insurance attracted Rwf8 billion as of December 2013.
To sustain the growth momentum, Ntukamazina advised players to deploy innovative technology and also invest in research.
He was speaking at the recent African insurance conference in Kigali which brought together 700 delegates from Africa and across the world.
Despite the achievements, it was noted that the insurance sector is underdeveloped.