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Ethiopian Insurance Corporation
Ensuring GERD'S Safety I n Ethiopia, modern institutionalized financial services such as insurance and banks have been playing significant roles in addressing societal problems. They are socially responsible institutions indeed. For ages Ethiopians had been receiving financial services through informal means, known locally as,“iqqubs”, “iddirs” and “mahbers”. I sometimes pay visits to my “ Ethiopian insurance in its modern form first began in 1905 when the then Bank of Abyssinia which birth place where was owned by the Bank of Egypt began to transact insurance as an agent of a foreign insurance company Dedessa River, which would underwrite fire and marine insurance policies in Ethiopia. one of Nile’s Established on the 1st January 1976, the Ethiopian Insurance Corporation renders more than 15 types of policies in the life Insurance Sector. Life insurance policies can be bought individually and in-group, which enable the insured to get various benefits. The benefit gained from these insurance policies depends on the choice of the customers.
The different types of life insurance policies the corporation provides are:
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Endowment (Ordinary endowment, Anticipated Endowment Policy with profit, children% 2019s Education policy with profit, Annuity etc.) (Individual Term life Assurance, Group and Modified Large groups Term Life Assurance, Individual and Group Mortgage Protection Assurance etc)
Whole Life Assurance and Medical Assurance flowing into Abay (Individual medical Assurance, Group Medical Special Edition of GERD 2020 ልዩ እትም 2012 Abyssinia Business Nework // ABN Assurance, and Executive Medical Assurance & Travel Health Assurance) are among the major ones. The Corporation also prepares and provides policies, which go along with the social and economic standard 40 ”
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IT'S OUR DAM
of the society. In this aspect, the pre-funeral expense insurance can be cited as a good example.
Envisaging to be a world class insurer by the year, 2025,the Ethiopian Insurance Corporation provides more than 30 types of non-life Insurance policies. Non-life insurance policies are used to cover property and liability risks. The Corporation revises its policies regularly and produces new policies based on the country’s current economic development and the demand of customers.
For instance, currently it has prepared new insurance policies like Floriculture, Condominium, Tea and coffee, Weather Indexed Crop Insurance, Warehouse Operators Liability Insurance. The major property and liability insurance services given by the Corporation are all risks, Aviation (Cargo and Hull), Bankers Blanket Policy, Burglary and House Breaking, Bonds, Condominium, Consequential loss, Crop Insurance, Engineering, Fidelity Guarantee, Fire and Lightning, Goods in transit, Inland Carriers liability, livestock, Marine (Cargo and Hull); money, motor, personal/Group Personal accident, Plate glass, Product Liability, Professional Indemnity, Public Liability, Workmen’s Compensation and the like.
The participation of the Ethiopian Insurance Corporation / EIC/ in the construction of the Grand Ethiopian Renaissance Dam /GERD/ can be viewed as a unique support for it provides all-risk insurance coverage such as earthquake flooding , volcano and related disasters for workers of the Dam.
The Corporation has facilitated and rendered a 56 billion birr insurance coverage for the civil works of the Renaissance Dam being undertaken by the Italian based Salini Construction Company. Moreover,after the revision of the electromechanical works of the Dam, EIC has managed to render insurance coverage for Chinese Companies that are undertaking the specific task.
As a company we have first bought a-50-million birr bond in two rounds, but we have learnt that was insufficient and bought again a-150-million birr bond while our employees have individually bought in three rounds from their monthly salary.
With regards to coordinating global coverage, the Corporation has close relations with a reliable insurance broker company known as RIB which helps us deal with international insurers.
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56 billion birr insurance coverage
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Despite delays in the construction process some three years ago, currently magnificent progress is being witnessed in every aspect of the construction, and the general public, more than ever, becomes aware of the right measures taken by the government to resume the construction with quality and standards set so far. This has strongly raised the people’s concern and interest in the Dam and brought back their trust in the Government.
“I sometimes pay visits to my birth place where Dedessa River, one of Nile’s tributaries crosses the surrounding. I really used to feel angry and annoyed whenever I saw the River washing the fertile soil around, running, and flowing into Abay”
When I travel abroad for business purpose, I meet foreigners who are ignorant of the River Abay aka Blue Nile. These uninformed foreign nationals usually raised questions like: “Why does Ethiopia try to harm Egypt by building dam over the Nile?” Many of them don’t know the fact that the Blue Nile stems from the highlands of Ethiopia; that Ethiopia contributes over 85 % of the water of the River.
Interestingly enough, I am not bored to explain clearly the truth about the River and the construction of the Dam as many people as I could. I think, although there is a long way to go, that kind of wrong perception by foreign nationals has changed a bit.
I was born at a village around nearby Nekemt in Wollega, Oromia Regional State.I sometimes pay visits to my birth place where Dedessa River, one of Nile’s tributaries crosses the surrounding. I really used to feelangry and annoyed whenever I saw the River washing the fertile soil around,running, and flowing into Abay, then leaving the country to join the Blue Nile that feeds Sudan and Egypt, and ends in the Mediterranean Sea.
