Until 1977, there was no national insurance company. The insurance market was exploited by foreign brokers. To put order in this sector and ensure protection of the heritage of individuals and companies, the Government created SOCABU by Decree-Law No. 100/61 of June 29, 1977 and granted it a monopoly on the activity of insurance in Burundi. SOCABU opened its doors on October 3, 1977 with a staff of 21 agents. The workforce now stands at 152.

The capital was 90% state and 10% Belgian private: Boels & Bégault and EIC In 1985, the State of Burundi ceded part of its shares to certain public and private companies, in particular banks and financial institutions, and kept 50% of the SOCABU securities portfolio. In 1989, the State of Burundi continued its privatization policy. He favored companies to which he sold half of his shares. SOCABU was assisted in its beginnings, in direct insurance and reinsurance, by the Belgian broker BOELS & BEGAULT. All management executives, already equipped with some knowledge and techniques of insurance and reinsurance, were sent to Europe, to houses highly specialized in these fields, where they acquired in-depth and solid training. From 1985, SOCABU was entirely directed and managed by nationals who took over from expatriates.