History of Ethiopian Insurance Companies
In Ethiopia, modern institutionalized financial services such as insurance and banks have a very short history, indeed. For ages Ethiopians had been receiving financial services through informal means, known locally as,"iqqubs", "iddirs" and "mahbers".
These are examples of the Ethiopian informal financial sector in which people teamed up in order to save and access borrowings through a pool of funds and to have a source for emergency funding, somewhat similar to the banking and insurance sectors.
Today their role in urban areas is declining, but in the daily life of rural communities they still hold a place of importance.
Ethiopian insurance in its modern form first began in 1905 when the then Bank of Abyssinia which was owned by the Bank of Egypt began to transact insurance as an agent of a foreign insurance company which would underwrite fire and marine insurance policies in Ethiopia.
In 1923, the Swiss insurer Balois set up a branch office in Addis Ababa and was soon followed by various other foreign companies acting as agents.
During the Italian occupation which ran from 1936 to 1941 only Italian insurance companies were allowed to operate in the country. After the Italians were forcibly removed from Ethiopia, insurance companies from other European countries began to trickle in and become active.
A survey conducted in 1954 by the Ministry of Commerce and Industry, concerning Ethiopian insurance activities, it was found that there were eighteen foreign insurance companies, branches and agents and even one local Ethiopian insurance company called Imperial Insurance, which was established in 1951.
The insurance market was controlled in the same manner as any normal commercial goods and service, and by 1960, the number of insurance companies in Ethiopia grew to thirty three. Domestic Ethiopian insurance companies also grew to about thirteen companies in total.
Interestingly enough, in 1960 the minimum capital requirement to start and Ethiopian insurance company was a mere 12,500 Ethiopian dollars.
By 1970, a new proclamation known as No. 281/1970 was issued to control and regulate the insurance business in Ethiopia. The Ethiopian insurance proclamation created an Insurance Council and an Insurance Controller’s Office to ensure the creditability of the sector and to prevent malpractice.
It is to be recalled that the insurance market in Ethiopia was not regulated until 1960, and the new proclamation of 1970 led to the licensing of fifteen domestic Ethiopian insurance companies, thirty six Ethiopian insurance agents, seven Ethiopian insurance brokers, three Ethiopian insurance actuaries and eleven Ethiopian insurance assessors.
By 1975, every single one of these insurance entities were nationalized by the communist Derg government and the Ethiopian Insurance Corporation (EIC) was formed.
Modern and the Best Ethiopian Insurance Companies 2020
In 1991, the communist government was overthrown and by 1994 a new monetary and banking Proclamation No. 83/1994 was issued to supervise banks and insurance companies in Ethiopia, yet only allowing domestic Ethiopian insurers.
These new insurers were allowed to compete with the government owned Ethiopian Insurance Corporation but barred all foreign insurers and shareholders. The logic behind the prohibition was that the local insurance industry was weak and needed time to build up its capital reserves.
Rapid opening up of the market to foreigners would expose Ethiopian companies to domination by financially stronger foreign insurers.
By 2012/13, a new Proclamation No. 746/2012 was issued and it required foreign companies to come up with a minimum paid up capital of 60,000,000 USD for non-life and 15,000,000 USD for life and 75,000,000 USD for both life and non-life Ethiopian insurers.
Domestic Ethiopian insurance companies are required to provide the minimum subscribed capital of 2,000,000,000 ETB of which 50% has to be paid up capital.
By 2016, in Ethiopia there were 17 Ethiopian insurance companies, 1 is government owned, 9 of which are composite insurance companies, meaning those that transact both general and long term insurance in Ethiopia, and 8 deal with general insurance only.
The total assets of Ethiopian insurance companies reached 11.3 billion ETB, while total capital reached 2.97 billion ETB and gross premium raking in 6.99 billion ETB. The number of insurance branch offices all over Ethiopia has reached 424 showing a 13% growth over the same period last year.
Furthermore, registered in Ethiopia were over 1,950 insurance sales agents, 53 insurance brokers, 97 loss assessors, 2 surveyors and 2 reinsurance companies namely, Africa-Re and Ethio-Re.
Micro finance banks and insurance companies are also allowed to provide micro insurance services for low income citizens.
All in all, the penetration level of insurance in Ethiopia, Sudan, and Eritrea is 0.5%, which is lower than the region’s average of 1.08%.
This low level of insurance penetration is caused partly due to the low level of insurance consumption by Ethiopians and also due to the lack of understanding by the policy makers and the general public.
We prepared the following list of 16 of the best insurance companies in Ethiopia with all thier details to help you find the right information.
NICE, which started in the insurance business in October 1994, is the first wholly privately owned insurance company, established in post 1994 Ethiopia.
National Insurance Company has a head office is in Addis Ababa, Ethiopia, and operates through 38 branch offices and 4 licensed contact offices located in Addis Ababa as well as in, different parts of the country.
The authorized capital of the company is 100,000,000 ETB or 10000 shares of 1000 ETB par value each.
Currently, the paid up capital of the company stands at 80,383,216 ETB, with the minimum shareholding is 50 shares, while the maximum shareholding allowed by law is 5% of the capital. Shareholding is permitted for Ethiopian Nationals only at the time.
National Insurance Company's Services
Fire & Allied Perils
Personal & Group Personal Accident
Emergency Travel Medical
Main Office Address: Debre Zeit Road ZEFCO Building Kirkos sub-city K.05/06/07 H.No 894, Addis Ababa, Ethiopia
Telephone/Mobile: +251 11 4 66 1129
Fax: +251 11 465 0660
P.O.Box: 12645 Addis Ababa, Ethiopia
Official Website: https://niceinsurance-et.com/
Nile Insurance Company is one of the pioneer private insurance companies in Ethiopia which was established on April, 1995 with a capital of 12.5 million ETB.
Over the years, Nile has grown from 12.5 million ETB to 302 million ETB capital, from 26 to 136 shareholders, from 4 to over 42 branches both in the capital Addis Ababa and in regional cities and has more than 45,000 customers across Ethiopia.
The total assets of Nile Insurance Company have risen from 734 million ETB to 1.24 billion ETB.
This huge leap of market share in the Ethiopian insurance sector was mostly driven by the active participation of its employees, customers, shareholders, and other stakeholders.
Nile provides both general and long term insurance solutions along with engaging in promising investments across the country.
Nile Insurance Company's Services
Cargo Insurance (Land, Sea and Air)
Personal Accident Insurance
Workmen Compensation Insurance
Public Liability Insurance
Burglary & Housebreaking Insurance
Consequential Loss Insurance
Fidelity Guarantee Insurance
All Risks Insurance
Plate Glass Insurance
Group Yearly Renewable Term
Group Level Term
Group Endowment (with or without profit participation
Individual Level Term
Individual Endowment (with or without profit participation)
Individual Whole Life (with or without profit participation)
Mortgage Redemption Insurance Product
Supplementary Accident Riders
• Accidental Death Benefit (ADB)
• Accidental Death & Dismemberment Benefit (AD & DB)
• Accidental Death, Dismemberment & Income Benefit (DDI)
• Accidental Comprehensive Disabilities Benefit (CAI)
Address: Nations & Nationalities Square, Nile Insurance Building, 12836 Addis Ababa, Ethiopia
Telephone/Mobile: +251 114 426000
Fax: +251 114 426008
Email: firstname.lastname@example.org, email@example.com
Official Website: https://nileinsurancesc.com/
Oromia Insurance Company was established and licensed by the National Bank of Ethiopia on January 26, 2009 in order to engage in Ethiopian general insurance business.
OIC was established by 540 founding shareholders and a paid up capital of 26 million ETB and a subscribed capital of 85 million ETB.
By the end of 2016/17 FY, the number of shareholders reached 840, while the paid up capital rose to 155.2 million ETB and the subscribed capital also rose to 250 million ETB.
Oromia Insurance Company began with a strong and reliable financial capacity, making it the first of its kind to mobilize such a large amount of paid up capital in Ethiopia’s insurance industry.
Furthermore, the diversity of its shareholders proves OIC’s strong social base of which is also made up of 1,600,000 low income farmers through their farmers’ cooperative unions.
OIC also launched Micro insurance products (crops & livestock) in 2010, i.e., a year after its establishment. Life Insurance operations would soon follow in 2012.
Currently, Oromia Insurance Company has 38 branch offices and 3 contact offices throughout Ethiopia. The company also works with a number of sales agents, insurance brokers, as well, as banks.
Oromia Insurance Company's Services
Mortgage Protection Insurance
*Riders (Supplementary Contracts)
• Accidental Death Benefit (ADB)
• Accidental Death and Dismemberment Benefit (AD & D)
• Comprehensive Accidental Insurance Benefits (CAI)
• Waiver of Premium Benefits (WOP)
• Funeral Expense Cover
• Terminal Illness/Dread Disease Cover
• Permanent Disability
• Supplementary Accident
• And more...
• NON- LIFE INSURANCE
• All risk Insurance
• Burglary and Housebreaking Insurance
• Performance Bond
• Supply Bond
• Customs Bond
• Bid Bond
• Maintenance Bond
• Advance Payment Bond
• Retention and Release Bond
• Condominium Insurance
• Consequential Loss
• Boiler Insurance
• Contractors All Risks Insurance
• Contractors’ Plant and Machinery Insurance
• Erection All Risks Insurance
• Electronic Equipment Insurance
• Machinery Breakdown Insurance
• Machinery breaking & Loss of Profit Insurance
• Fidelity Guarantee Insurance
• Fire and Allied Periled Insurance
• Goods – in – Transit
• Horticulture-plantation insurance
• Inland Carrier’s Liability Insurance
• Marine Cargo Insurance
• Money Insurance
• Motor Insurance
• Personal/Group Personal Accident Insurance
• Plate Glass Insurance
• Professional Indemnity Insurance
• Public Liability Insurance
• Workmen’s Compensation Insurance
• Travel Health Insurance
Main Office Address: Bole Africa Avenue, Addis Ababa, Ethiopia
Telephone/Mobile: +251-115-528-557 / +251-929-907-518
P.O. Box: 10090
Official Website: https://www.oromiainsurancecompany.com.et/
Ethiopian Insurance Corporation was established in 1976 by proclamation No.68/1975.
The Corporation came into existence by Derg government taking over all the assets and liabilities of the thirteen nationalized private insurance companies, with 11 million ETB or 1.29 million USD paid up capital targeting the following objectives.
• To take part in all classes of the insurance business in Ethiopia;
• To spread the benefits of insurance to all people in Ethiopia fairly;
Subject to the provision of Article 18 of the Housing and Saving Bank establishment proclamation No. 60/1975, that stipulates to promote efficient use of both material and financial resources.
EIC has been in the Ethiopian insurance sector for 19 years as a state owned sole insurer. After the demise of the Marxist regime in mid-1991 a fundamental change has taken place and there was a shift in political, economic and social orientation from totalitarianism to that of liberalism.
Therefore, the Ethiopian Insurance Corporation was reestablished as public enterprise under proclamation number 201/94 and with 61 million ETB or USD 7.13 million USD paid up capital.
Ethiopian Insurance Corporation's Services
Long term insurance
Individual long term insurance policies
• Term Life Assurance
• Ordinary Endowment
• Endowment Annuity
• Whole Life Assurance
• Children’s Education (with profit)
• Anticipated Endowment (with profit)
• Mortgage Protection Assurance
Group long term insurance policies
• Ordinary Group Term Assurance
• Modified Large Group Term Life Assurance
• Group Endowment
• Group Medical Assurance
• Executive Medical Insurance
• Comprehensive Accident Insurance
• Terminal Illness (Dread Disease Insurance)
• Pre need Funeral Expense Insurance
General Insurance Policies
• Fire and Allied Perils
• Burglary & House Breaking
• Consequential Loss (Business Interruption)
• Motor-Commercial Vehicle
• Motor-Private Vehicle
• Marine (Cargo and Hull)
• Inland Carriers Liability
• Aviation (Cargo & Hull)
. Contractors All Risk
. Contractors Plant & Machinery
. Boiler Insurance
. Deterioration of Stock
. Erection All Risks
. Electronic Equipment Insurance
. Machinery Breakdown
. Machinery Loss of profit
• All Risks
Personal/Group Personal Accident
Weather Indexed Crop Insurance
Horticulture-Plantation Insurance Policy
Bankers Blanket Policy
Warehouse Operators Liability
Main Office Address: Ras Mekonnen st., Leghar infront of Ethiopian Shipping and Logistics, Addis Ababa, Ethiopia
P.O. Box: 2545
Email: firstname.lastname@example.org / email@example.com / firstname.lastname@example.org
Official Website: https://eic-et.com/
5. Nyala Insurance Share Company (NISCO)
Nyala Insurance Share Company was established in July 1995 following the liberalization of the Ethiopian insurance business to the private sector in 1994 with the Licensing and Supervision of Insurance Business Proclamation No. 85/1994.
Over the years Nyala Insurance has become one of the leading private insurance companies in Ethiopia with 300 million ETB subscribed capital, and over 20 years of experience in Ethiopian insurance operations.
Nyala Insurance Share Company's Services
• Life Insurance
o Group Yearly Renewable Term
o Individual Term Insurance
o Medical Insurance Cover
o Mortgage Protection
o Comprehensive Accident
o Endowment Assurance
• Non-Life Insurance
o Coffee Plantation Insurance
o Fire and Lightning Insurance
o Fidelity Insurance
o Marine Insurance
o Money Insurance
o Motor Auto Insurance
o Workmens' Compensation Insurance
o Accident Insurance
o Burglary Insurance
o Engineering Insurance
o GREENHOUSE (HORTICULTURE) POLICY
• Micro Insurance
o Multiple Peril Crop Insurance
o Livestock/Herd Insurance
o Weather Index Crop Insurance
To protect the families and properties of Ethiopian Diaspora we have devised special insurance coverage solutions.
Your current place doesn’t matter; you can arrange:
1) Life and Health Insurance
2) Property Insurance
Main Office Address: Protection House, Mickey Leland, Addis Ababa, Ethiopia
P.O. Box: 12753, Addis Ababa, Ethiopia
Fax: +251 116626706
Official Website: https://www.nyalainsurance.com
6. Africa Insurance Company (AICSC)
Africa Insurance Company has been in the Ethiopian insurance market since the new post communism proclamation making it one of the pioneers in the business.
AIC had the initial paid up capital of 15 million ETB that of which has grown tremendously to the current paid up capital of 178.6 million ETB.
Africa Insurance Company's Services
Accident & Health
Fire & General Accident
Political Violence & Terrorism
Main Office Address: Africa Ave/Bole Road, Haile-Alem Building around Friendship City Center
P.O. Box: 12941, Addis Ababa, Ethiopia
Telephone/Mobile: +251 0116637716 / 17 / 18 / 19
Official Website: https://africainsurancesc.com/
Awash Insurance Company S.C. (AIC) was founded in October 1, 1994, making it one of the first insurance companies in the modern market.
Awash is involved in the general insurance and long-term (life) insurance business, with its ownership structure comprising of a private share company with more than 1,349 individuals and corporate shareholders.
AIC's capital is currently 411.42 million ETB as of March 28, 2020, with assets in the range of 2.2 billion ETB.
Awash Insurance now has over 566 (260 female and 306 male) permanent employees, with a sales force of 476, in 47 branch offices and 6 underwriting offices spread all across Ethiopia.
Awash Insurance Company's Services
Life Assurance Business(Long-Term Insurance)
1. TERM ASSURANCE;
Individual and Group Life
2. WHOLE LIFE;
3. ENDOWMENT ASSURANCE;
10, 15, 20 ... Years Endowment;
Endowment Annuity and
4. MEDICAL EXPENSES INSURANCE;
Accident Insurance,and Waiver of premium.
* Supplementary Accident Insurance(SAI).
* Comprehensive Accident Insurance(CAI).
6. TRAVELERS HEALTH INSURANCE
Awash Insurance Company(S.C) transacts Non-life as follows:
7. General Insurance (Non-Life):
Motor (private & commercial);
Fire & Lightning and Allied perils;
Burglary & Housebreaking;
Workmen's Compensation (Employers' Liability);
Personal and Group Personal Accident;
8. Engineering policies including:
Boilers and Pressure Vessels Insurance;
Contractor's All Risks Insurance;
Erection All Risks Insurance;
Contractor's Plant and Machinery Insurance;
Electronic Equipment Insurance;and
Machinery Breakdown Insurance and others.
9. Public Liability;
10. Money in Safe and in Transit;
11. Plate Glass;
12. Bonds policies including:
Customs Guarantee; and
13. Fidelity Guarantee;
14. Political Violence and Terrorism and many others
Main Office Address: Ras Abebe Aragay St., around National(Beirawit) Theater in Awash Tower
P.O. Box: 12637, Addis Ababa, Ethiopia
Telephone/Mobile: +251 115 570001 / +251-911 47 12 67
Fax: +251 115 570208
E-mail: email@example.com / firstname.lastname@example.org
Official Website: https://www.awashinsurance.com/
Global Insurance Company (GIC) was established in 1997 by 23 founding members at an initial paid up capital of only 3.75 million ETB in a small office located in old airport, focusing to be engaged in non life insurance.
GIC’s annual gross premium is steadily growing despite its small market share and regarding risk selection the overall loss ratio of the company remains under 40%.
Global has about 10 branches and is now building an 8 floor head office at the cost of 20 million ETB.
The share of each class of business the company is engaged in remains healthy and its motor vehcle portfolio is less than 50% of the total premiums, while marine covers 32% of the total premiums and the remaining is distributed among the rest of the classes of business.
In addition to the insurance business, the Global Insurance Company has a license from the Federal, Addis Ababa, and Oromia Transport Authorities to perform annual road worthiness inspection services for vehicles, as well as, providing Emergency Travel-Health insurance cover for travelers.
Global Insurance Company's Services
Annual Vehicle Inspection
Accident and Health Insurance
Main Office Address: Main Building, Somali Tera, Addis Ababa, Ethiopia
P.O.Box: 180112, Addis Ababa, Ethiopia
Telephone/Mobile: +251-11-156-7400, +251-11-156-6200, +251-11-156-5850
Email: email@example.com / firstname.lastname@example.org
Official Website: https://www.globalinsurancesc.com/
Lion Insurance Company Share Company is established by over 300 business men and women on June 2007.
Formed with an initial paid up capital of over 16 million ETB and a subscribed capital of over 66.4 million ETB, today, it’s paid up capital has reached over 100 million ETB with a subscribed capital of 200 million ETB.
Lion Insurance Company's Services
Main Office Address: Haile Gebresellasie Street, Close to Axum Hotel, in Comet Building, Addis Ababa, Ethiopia
P.O. Box: 26281, Code 1000, Addis Ababa, Ethiopia
Tel: (+251) 116 187000
Fax: (+251) 116 632940
Official Website: https://www.anbessainsurance.com
Nib Insurance Company was formed by 658 shareholders and an authorized capital of 50 million ETB and a paid up capital of 14 million ETB in May 02, 2002 with 4 branches in Addis Ababa and a total staff size of less than 50.
Today, the paid up capital of NIC has reached to 250 million ETB and the number of shareholders has risen to 1,014.
Nib Insurance Company provides both general (non-life) insurance and life assurance services to its clients.
NIC pursues its operations through its head office, 42 branches and 1 contact office (for the general insurance) and 1 life assurance branch. Of these branches, 27 of the branches are located in Addis Ababa. Currently, the employee size of Nib has grown to 416.
Nib Insurance Company's Services
Insurance for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage or bodily injury resulting from traffic collisions and against liability that could also arise from incidents in a vehicle.
Marine Cargo Insurance
Covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which the property is transferred, acquired, or held between the points of origin and the final destination.
A part of the general insurance system of risk financing to protect the purchaser from the risks of liabilities.
Insurance providing for payment of a stipulated sum to a designated beneficiary upon death of the insured.
Burglary and Housebreaking Insurance
Loss by theft following upon actual forcible and violent breaking into or out of a building.
Goods in Transit
Inland transit insurance covers the insured interest against theft, fire, damage directly caused by overturning or collision.
Pecuniary insurance provides a business with protection against financial losses stemming from a variety of causes, from crimes such as fraud or embezzlement to legal expenses to business interruptions.
Engineering insurance refers to the insurance that provides economic safeguard to the risks faced by the ongoing construction project, installation project, and machines and equipment in project operation.
Fire, Lightning & Allied Perils Insurance
Is a property insurance covering damage and losses caused by fire and lightning.
Group/Personal Accident Insurance
A benefit policy intended to compensate the insured against accidental bodily injury or death.
Plate Glass Insurance
It covers glass in the insured premises shall be destroyed or broken by any accident.
"All Risk" Insurance
It covers the insured against loss or damage by fire, theft, or any accident or misfortune not excluded by the policy.
Main Office Address: Bole Road, Dembel City Center, 2nd Floor, Addis Ababa, Ethiopia
P.O. Box: 285, Addis Ababa, Ethiopia
Tel: (+251) 552 81 95/96, (+251) 553 51 29-32, (+251) 554 37 05
Fax: (+251) 11-552 81 93
Official Website: https://www.nibinsurancethiopia.com/
The United Insurance Company (UNIC-Ethiopia) was formed by 87 individuals and enterprises in November 1994 with an authorized capital of 25 million ETB and an initial paid up capital of 8.073 million ETB.
Following the merger with Lion Insurance Company SC in 2002, the United Insurance Company SC, is currently owned by over 467 shareholders.
As a result of the merger and the decision of the 7th extraordinary general meeting of shareholders, the UNIC’s authorized capital grew to a staggering 250 million ETB.
Furthermore, on the 11th extraordinary meeting of shareholders in November 2018, a resolution was passed that led to the increase of the subscribed capital to 500 million ETB.
Currently the paid up capital of the United Insurance Company is 372.95 million ETB.
United Insurance Company's Services
• Motor Insurance
• Marine Insurance
• Accident and Health
• Fire and Accident
• Other GI Products
• Endowment Plan
• Group Term
• Family Funeral Plan
• Other Life Products
Main Office Address: Debrezeit Road, Alpaulo Building, Addis Ababa, Ethiopia
P.O. Box: 1156, Addis Ababa, Ethiopia
Telephone/Mobile: +251 114 655656
Fax: +251 114 653258
Official Website: http://www.unicportal.com.et/
12. Abay Insurance S.C. (AISC)
Abay Insurance was created in July 2010 in accordance with the licensing and supervision of insurance business proclamation No. 86/1994.
The paid up capital of Abay is 180,000,000 ETB and currently, the company is providing general and long term (life assurance) service under 27 branch offices that operate in different areas across the country.
Plans are in place by Abay Insurance to increase branch offices to 35 by 2020.
Abay Insurance Company's Services
የጉዞ ዋስትና /Travel Insurance
የሕይወት እና የጤና ዋስትና/ Life and Health Assurance
የተሽከርካሪ ዋስትና (Motor Insurance)
የዕቃ ጭነት ዋስትና (Marine Cargo Insurance)
የእሳትና መብረቅ ዋስትና (Fire& Lightening Insurance)
የንብረት ዝርፊያ ዋስትና (Burglary & Housebreaking)
ከምህንድስና ጋር የተያያዙ የዋስትና ሽፋኖች (Engineering Insurance)
የሰራተኛ ጉዳት ካሳ ዋስትና (Workers Compensation Insurance)
የገንዘብ ዋስትና (Money)
1. የግል/የቡድን የአደጋ ዋስትና (Personal/Group Accident Insurance)
2. የእምነት ማጉደል ዋስትና ሽፋን (Fidelity Guarantee Insurance)
3. ሌሎች የዋስትና ዓይነቶች (Other Miscellaneous Insurances)
የግል/የቡድን የአደጋ ዋስትና (Personal/Group Accident Insurance)
የእምነት ማጉደል ዋስትና ሽፋን (Fidelity Guarantee Insurance)
ሌሎች የዋስትና ዓይነቶች (Other Miscellaneous Insurances)
Main Office Address: Kazanchis, Enat Tower, 4th Floor, Kirkos, Addis Ababa, Ethiopia
Telephone/Mobile: +251 5535300 / +251 5158703 / +251 5500055
Fax: +251 5157690
Official Website: https://www.abayinsurancesharecompany.com/
Berhan Insurance was formed in October 30, 2010 with a paid up capital of 9.7 Million ETB, under proclamation No. 86/1994.
Berhan’s key founding shareholders were 455 in number and made up of influential and well-known Ethiopian investors.
The company conducts its operations through its 18 branch offices, in which 12 are in Addis Ababa, and the remaining 6 in Hawassa, Wolaita Sodo, Mekelle, Bahir Dar, Adama and Dessie towns.
Furthermore, 3 contact offices are operational in Shashemene, Hossaena and Arbaminch, with plans to open branches in Dire Dawa and Gondar.
With a paid up capital reaching 100 million ETB and over 1,550 shareholders, Berhan Insurance is an entity to take seriously in the Ethiopian insurance market.
Berhan Insurance's Services
Head Office: Debrezeit Road, Beklobet, Yeshitam Building, 4th Floor, near Garad Building, Addis Ababa, Ethiopia
P.O. Box: 9266
Tel: +251 114 674 423/46
Fax: +251 114 668 701
Email: email@example.com / firstname.lastname@example.org
Official Website: http://berhaninsurance.com/
14. Tsehay Insurance S.C. (TISC)
Tsehay Insurance was created in March 2012 by 105 Ethiopian shareholders (individuals & enterprises) with the intention of providing general insurance services for the public in Ethiopia.
Tsehay's subscribed and initial paid up capital was 45.1 million ETB and 11.2 million ETB respectively.
Currently, the company is owned by 148 shareholders and the authorized capital has grown to 120 million ETB while the paid up capital rose to 77 million ETB.
With a delightful motto, "the sun shines for all! /ፀሐይ ለሁሉም ታበራለች!", Tsehay Insurance has managed to grow its office branches to a total of 20 with 13 in the capital of Addis Ababa and 7 in regional towns across Ethiopia.
Tsehay Insurance also has grown their employee numbers to about 160 serving their over 20,000 clients.
Berhan Insurance's Services
It mainly includes:-
Contractors’ All Risk (CAR)
Erection All Risk (EAR)
Contractors’ Plant & Machinery
Boiler & Pressure Vessel
Property insurance consists of the following insurance covers
Motor (Own Damage & Third party)
Fire & Allied Perils
Burglary & House Breaking
Goods in Transit
Political Violence & Terrorism
Personal & Group Accident Insurance
The policy provides cover, if the insured encounters any bodily injury accident caused by external violent and visible means, then the insurance company shall pay to the insured or his legal personal representative(s), as the case may be, death or permanent disability compensation, reimburse the incurred medical expense up to the limit, and temporary disability payment for the insured and/or policy holder.
This policy is designed for individuals, employers, travelers, family members, business owners, partners, company management and senior persons, etc.
Liability insurance includes the following types of insurance covers
Main Office Address: Hulu Alem Trade Center, Somali Tera, in front of Shoa Supermarket, Addis Ababa, Ethiopia
Telephone/Mobile: +251-111-263994, +251-111-263995, +251-111-119643, +251-111-119793, +251-111-11967
Official Website: https://www.tsehayinsurance.com/
15. Lucy Insurance S.C. (LISC)
Lucy Insurance was formed in 2012 with 39 shareholders renowned for their business acumen. The company was established with a paid up capital of a mere 8,035,000 ETB.
Today, Lucy Insurance has skyrocketed with a paid up capital 75,000,000 ETB as per the Directive of the National Bank of Ethiopia that requires insurance companies to raise their minimum paid up capital to 60,000,000 ETB and 75,000,000 ETB for general insurance and general life insurance respectively.
Lucy has also seen a huge rise in shareholders with the current number of 508. Recently, in its annual meeting of shareholders it was decided that the Lucy Insurance's paid up capital will be raised to a whopping 200,000,000 ETB.
Lucy Insurance's Services
Property Insurance የንብረት ዋስትና
Motor የተሸከርካሪ ዋስትና
Fire & Allied Perils እሳትና ተያያዥ አደጋዎች ዋስትና
Burglary & House Breaking የቤት ሰብሮ ዝርፊያ ዋስትና
Plate Glass የመስታወት ዋስትና
All Risks የጠቅላላ አደጋ ስጋቶች ዋስትና
Marine የባህር ላይ ጉዞ ዋስትና
Engineering Insurance የኢንጂነሪንግ ዋስትና
Contractors All Risks የኮንትራክተሮች ጠቅላላ አደጋ ዋስትና
Erection All Risks የኢሬክሽን ጠቅላላ አደጋ ዋስትና
Contractors Plant & Machinery የኮንትራክተሮች የግንባታና የመሳሪያዎች ዋስትና
Electronics Equipment የኤሌክትሪክ መሳሪያዎች ዋስትና
Boiler & Pressure Vessel የቦይለር ዋስትና
Liability Insurance/ የሶስተኛ ወገን ሃላፊነት ዋስትና
Carriers Liability የአጓጓዦች የሃላፊነት ዋስትና
Professional Indemnity Insurance የሙያ ህጋዊ ተጠያቂነት ዋስትና
Product Liability Insurance የምርት ህጋዊ ተጠያቂነት ዋስትና
Workmen’s compensation Insurance የሰራተኞች የጉዳት ካሳ ዋስትና
Pecuniary Insurance የገንዘብ ነክ (ፔኪዩናሪ) ዋስትና
Bonds የቦንድ ዋስትና
Bid Bond የጨረታ ማስከበሪያ ዋስትና
Performance Bond የመልካም ስራ አፈጻጸም ዋስትና
Advance Payment Bond የቅድሚያ ክፍያ ዋስትና
Supply Bond የአቅርቦት ዋስትና
Custom Bond የጉምሩክ ቀረጥ ዋስትና
Money Insurance የገንዘብ መድን ዋስትና
Fidelity Guarantee Insurance የእምነት ማጉደል ዋስትና
Main Office Address: Beyene Aba Sebsib Street, Mujib Tower, Debreziet Road near CBE, Temenja Yaj Berr, Addis Ababa, Ethiopia
Official Website: http://lucyinsuranceet.com/
16. Bunna Insurance S.C. (BISC)
Bunna Insurance was formed by 237 shareholders on the 25th of May 2013 with an initial paid up capital of 6,715,000 ETB to provide general insurance service to the public at large. Bunna is registered by the licensing and supervising body of the National Bank of Ethiopia under proclamation No. 86/1994 and license No.019/13. The company has a paid up capital of over 78.8 million ETB.
Bunna Insurance's Services
-Fire and Allied Perils
-Burglary and House Breaking
-Contractor All Risk
-Erection All Risk
-Contractors Plant and Machinery
-Boiler and Pressure Vessel
-Advance Payment Bond
Main Office Address: Bole Medhanialm, Zergaw Building, Addis Ababa, Ethiopia
Telephone/Mobile: +251 111 57-60-54 / +251 960-441744
Official Website: https://bunnainsu.com/