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Best Insurance Companies in Ethiopia for

2023
BUSINESS IN ETHIOPIA
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

2023

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.

1. National Insurance Company of Ethiopia (NICE)

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

Consequential Loss

Householders, Comprehensive

Workmen’s Compensation

Fidelity Guarantee

Personal & Group Personal Accident

Public Liability

Money

Plate Glass

All Risks

Bonds

Engineering

Carrier Liability

Emergency Travel Medical

Burglary

Contact

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

Email: info@niceinsurance-et.com

Official Website: https://niceinsurance-et.com/

2. Nile Insurance Company Share Company (NICSC)

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

Engineering

Bond

Cargo Insurance (Land, Sea and Air)

Fire Insurance

Personal Accident Insurance

Workmen Compensation Insurance

Public Liability Insurance

Burglary & Housebreaking Insurance

Consequential Loss Insurance

Fidelity Guarantee Insurance

All Risks Insurance

Money 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)

Contact

Address: Nations & Nationalities Square, Nile Insurance Building, 12836 Addis Ababa, Ethiopia

Telephone/Mobile: +251 114 426000

Fax: +251 114 426008

Email: info@nileinsurancesc.com, support@nileinsurancesc.com

Official Website: https://nileinsurancesc.com/

3. Oromia Insurance Company (OIC)

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

Group/Individual Term

Group Endowment

Mortgage Protection Insurance

Whole Life

Ordinary Endowment

Pure Endowment

Anticipated Endowment

Endowment Annuity

Education Endowment

Medical 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

• Bonds

• Performance Bond

• Supply Bond

• Customs Bond

• Bid Bond

• Maintenance Bond

• Advance Payment Bond

• Retention and Release Bond

• Condominium Insurance

• Consequential Loss

• Engineering

• 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

Contact

Main Office Address: Bole Africa Avenue, Addis Ababa, Ethiopia

Telephone/Mobile: +251-115-528-557 / +251-929-907-518

Fax: +251-115-503-192

P.O. Box: 10090

Email: oicreinsurance@ethionet.et

Official Website: https://www.oromiainsurancecompany.com.et/

4. Ethiopian Insurance Corporation (EIC)

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

Riders

• 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)

• Goods-in-Transit

• Inland Carriers Liability

• Aviation (Cargo & Hull)

• Bonds

• Engineering

. 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

Fidelity Guarantee

Money

Plate Glass

Product Liability

Professional Indemnity

Public Liability

Workmen’s Compensation

Condominium Insurance

Crop Insurance

Live Stock

Weather Indexed Crop Insurance

Horticulture-Plantation Insurance Policy

Bankers Blanket Policy

Legal Expense

Travel Coupon

Warehouse Operators Liability

Householders Comprehensive

Contact
Main Office Address: Ras Mekonnen st., Leghar infront of Ethiopian Shipping and Logistics,
Addis Ababa, Ethiopia

Telephone/Mobile: +251-11-551-2400

Fax: +251-115-51-74-99

P.O. Box: 2545

Email: eic.mdxvs@eic-et.com / bdrm@eic-et.com / comesaycard@eic-et.com

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 Travel

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

DIASPORA

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

Contact

Main Office Address: Protection House, Mickey Leland, Addis Ababa, Ethiopia

P.O. Box: 12753, Addis Ababa, Ethiopia

Telephone/Mobile: +251-11-6626667

Fax: +251 116626706

Email: nisco@ethionet.et

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

Life

Accident & Health

Motor

Aviation

Marine

Fire & General Accident

Engineering

Pecuniary

Liability

Agriculture

Workmen's Compensation

Political Violence & Terrorism

Micro Insurance

Contact

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

Email: contact@africainsurance.com

Official Website: https://africainsurancesc.com/

7. Awash Insurance Company (AIC)

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;

Anticipated Endowment,

Endowment Annuity and

Education Policy

4. MEDICAL EXPENSES INSURANCE;

5. RIDERS;

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;

Consequential Loss;

Burglary & Housebreaking;

Marine Cargo;

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:

Bid;

Performance;

Maintenance;

Customs Guarantee; and

Advance payment.

13. Fidelity Guarantee;

14. Political Violence and Terrorism and many others

Contact

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: aic@ethionet.et / aic@awashinsurance.com

Official Website: https://www.awashinsurance.com/

8. Global Insurance Company (GIC)

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

Insurance Services:

Accident and Health Insurance

Engineering Insurance

Liability Insurance

Pecuniary Insurance

Property Insurance

Operation Overview

Contact

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: info@globalinsurancesc.com / globalinsu@ethionet.et

Official Website: https://www.globalinsurancesc.com/

9. Lion Insurance Company (LIC)

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

Contact

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

Email: lioninsurance@ethionet.et

Official Website: https://www.anbessainsurance.com

10. Nib Insurance Company (NIC)

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

Motor Insurance

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.
Liability Insurance

A part of the general insurance system of risk financing to protect the purchaser from the risks of
liabilities.

Life Insurance

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

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

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.

Contact

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

E-mail: info@nibinsurancethiopia.com

Official Website: https://www.nibinsurancethiopia.com/

11. The United Insurance Company UNIC

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

General Insurance

• Motor Insurance

• Marine Insurance

• Accident and Health

• Fire and Accident

• Engineering

• Liability

• Pecuniary

• Aviation

• Other GI Products

Life Insurance

• Endowment Plan

• Group Term

• Family Funeral Plan

• Other Life Products

Contact
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

Email: info@unic-ethiopia.com

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)

Contact

Main Office Address: Kazanchis, Enat Tower, 4th Floor, Kirkos, Addis Ababa, Ethiopia

Telephone/Mobile: +251 5535300 / +251 5158703 / +251 5500055

Fax: +251 5157690

Email: marketing@abayinsurancesharecompany.com Official

Website: https://www.abayinsurancesharecompany.com/

13. Berhan Insurance S.C. BISC

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

Motor Insurance

Property Insurance

Engineering Insurance

Liability Insurance

Pecuniary Insurance

Marine Insurance
etc.

Contact

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: insuranceberhan@gmail.com / info@berhaninsurance.com

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

Engineering Insurances

It mainly includes:-

Contractors’ All Risk (CAR)

Erection All Risk (EAR)

Contractors’ Plant & Machinery

Electronics Equipment

Boiler & Pressure Vessel

Machinery Breakdown

Property Insurances

Property insurance consists of the following insurance covers

Motor (Own Damage & Third party)

Motor Trade

Marine Cargo

Fire & Allied Perils

Burglary & House Breaking

Plate Glass

All Risks

Goods in Transit

Political Violence & Terrorism

Pecuniary Insurances
includes:-

Bond

Money insurance

Fidelity guaranty

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 Insurances

Liability insurance includes the following types of insurance covers

Public Liability

Carriers Liability

Professional Indemnity

Products Liability

Workmen’s Compensation

Contact

Main Office Address: Hulu Alem Trade Center, Somali Tera, in front of Shoa Supermarket,
Addis Ababa, Ethiopia

P.O.Box: 56144

Telephone/Mobile: +251-111-263994, +251-111-263995, +251-111-119643, +251-111-119793,

+251-111-11967

Fax: +251-111-119886
Email: officemail@tsehayinsurance.com

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

Others ሌሎችም

Contact

Main Office Address: Beyene Aba Sebsib Street, Mujib Tower, Debreziet Road near CBE,
Temenja Yaj Berr, Addis Ababa, Ethiopia

Telephone/Mobile: +251-11-46-71-784

Fax: +251-11-46-71-896

Email:info@lucyinsuranceet.com

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

Property Insurance

-Motor

-Fire and Allied Perils

-Burglary and House Breaking

-All Risk

-Marine

-Plate Glass

Engineering Insurance
-Contractor All Risk

-Erection All Risk

-Contractors Plant and Machinery

-Electronics Equipment

-Boiler and Pressure Vessel

Pecuniary Insurance

-Bid Bond

-Performance Bond

-Advance Payment Bond

-Supply Band

-Customs Bond

-Money Insurance

-Fidelity Guarantee

Liability Insurance

-Carriers Liability

-Professional Indemnity

-Product Liability

-Workmen's Compensation

Travel Insurance

Contact

Main Office Address: Bole Medhanialm, Zergaw Building, Addis Ababa, Ethiopia

Telephone/Mobile: +251 111 57-60-54 / +251 960-441744

 Fax: +251-111-119207

Email: info@bunnainsu.com

Official Website: https://bunnainsu.com/

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