Rwanda's insurance sector retained earnings worth Rwf46.6 billion last year from premiums and other interest generating activities, thanks particularly to the increased assets of insurance firms.

The budget framework paper (BFP) presented last week by the Finance Minister, Uzziel Ndahijimana, shows that total assets of the insurance sector increased by 13 per cent.

But the increased growth in assets of the domestic sector insurance is mainly attributed to capital injection of Rwf4.3 billion and retained earnings of Rwf46.6 billion.

A special report published in August last year by the World Bank painted a grim picture for the insurance industry, partly pointing to the unhealthy competition between insurers who sell a small number of traditional products.

Gross premiums in the insurance sector in Rwanda remains around 1.6 per cent of gross domestic product (GDP).