The Institute of Engineers Rwanda (IER) and MUA Insurance have signed a partnership agreement to provide engineering practitioners in Rwanda with access to tailored insurance products, discounted rates, and practical risk-management training. The agreement was signed by IER President and Governing Council Chairman Eng. Philbert Mbanza and MUA's Konde Bugingingo at MUA's headquarters on October 28. This partnership aims to address the unique insurance needs of engineering practitioners.
The partnership covers the broad professional community represented by IER, including Engineering Technologists, Engineering Technicians, Engineers, and engineering consulting firms. Mbanza stated that the partnership would help members secure cover suited to the different risks they face in design, construction, and on-site work. He noted that having one insurance company to work with would be more profitable for both the insurance company and IER.
MUA was selected after discussions with several insurers due to its strong interest and broad range of cover. Mbanza mentioned that the agreement would also provide a new reason for engineering practitioners to join the Institute, which has over 5,000 members and is growing by about 25% a year. The partnership is expected to benefit both IER members and MUA.
Among the products under discussion is professional indemnity insurance, which Mbanza emphasized should become a necessity for practising engineering practitioners, even though it is not currently mandatory. He acknowledged that mistakes, errors, or oversights can occur and should be covered by professional indemnity insurance. This type of insurance is crucial for engineering practitioners.
Bugingingo stated that the partnership would allow MUA to develop products around engineering practitioners' distinct needs while drawing on risk data to help identify hazards and improve safety. He emphasized that engineering practitioners should focus on designing, crafting, and creating, while risk management is made easier. The partnership aims to make insurance more accessible and affordable.
The partnership will also include continuous professional development sessions, workshops, and exhibitions. Bugingingo mentioned that the two organizations plan to help engineering practitioners and their clients understand risks earlier, from project planning through construction and occupation. This will enable them to mitigate risks more effectively.
Mbanza and Bugingingo highlighted the benefits of the partnership, including greater public confidence in infrastructure projects and increased insurance penetration in Rwanda. Bugingingo noted that Rwanda's insurance penetration rate is currently at 1.8%, compared to 85% for banking. The partnership aims to increase insurance awareness and adoption among engineering practitioners and the broader community.
Key points
- IER and MUA partner to offer tailored insurance products to engineering practitioners.
- The partnership aims to increase insurance penetration in Rwanda.
- Professional indemnity insurance is being considered as a necessity for practising engineering practitioners.
