Sanlam Allianz pays Rwf120 Million to GOICO fire-hit traders

Sanlam Allianz General Insurance has paid more than Rwf120 million in insurance compensation to eight traders whose businesses were affected by the devastating fire that destroyed parts of GOICO Plaza in Musanze District.

The compensation was handed over on Wednesday, November 4, 2026, in Musanze, in a move aimed at helping the affected business owners recover their investments and resume commercial activities following the October 10 inferno.

The eight traders were among those operating businesses inside GOICO Plaza who had insured their merchandise with Sanlam Allianz before the fire broke out.

Speaking to IGIHE, one of the beneficiaries, Alexis Ntivuguruzwa, said his decision to insure his merchandise was motivated by concerns about the possibility of a fire outbreak, adding that the compensation had given him renewed hope of rebuilding his business.

“I was always worried about the possibility of a fire, so I decided to insure my merchandise because I believed it would give me security. I am grateful to Sanlam Allianz for standing with us during this difficult time, and I am satisfied with the compensation I have received”, he said.

Ntivuguruzwa also encouraged other business owners to insure their businesses, saying his experience had demonstrated the importance of having financial protection against unexpected disasters.

Emmanuel Shirubwiko, who represented the Private Sector Federation (PSF) leadership in Muhoza Sector, described the compensation as an important lesson for other traders, urging them to make insurance a priority whenever they establish businesses.

He commended Sanlam Allianz for being among the first insurance companies to compensate its affected clients, saying the development should encourage more private-sector operators to protect their investments.

Alain Ngoga, Sanlam Allianz’s Head of Business, said the company had prioritised the compensation process to demonstrate its commitment to supporting clients during difficult circumstances.

He explained that the payment was also intended to encourage other business owners to consider insurance as an essential tool for protecting their businesses against unforeseen risks.

“One of our responsibilities is to stand with our clients, particularly during difficult times. We wanted to be among the first to compensate them and demonstrate that we are committed to supporting them. We also hope their experience will encourage other traders to insure their businesses”, Ngoga said.

He confirmed that all eight insured traders had received compensation exceeding Rwf120 million to help them rebuild their businesses.

Northern Province Governor Maurice Mugabowagahunde urged business owners to learn from the tragedy, emphasising that insurance should become a culture rather than something people only consider when required.

He noted that the eight compensated traders represented a small fraction of more than 1,600 business operators who did not have insurance coverage and were therefore left without similar financial protection following the disaster.

Mugabowagahunde commended Sanlam Allianz for honouring its obligations to its clients and called on other businesses to follow the example.

The October 10 fire destroyed merchandise worth an estimated Rwf30 billion, according to preliminary figures released by the Northern Province Governor. GOICO Plaza accommodated approximately 2,000 traders and was among the major commercial centres serving Musanze and surrounding communities.

Although authorities identified 635 alternative commercial spaces to help displaced traders resume operations, many continued facing challenges, including limited capital, outstanding loans and high rental costs.

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