Africa insurance company aic is a privately owned professional insurance company established in 1994 in accordance with the licensing and supervision of insurance business proclamation no. The emergence of modern insurance in ethiopia 41 3. Nice is the first wholly privately owned insurance company, established in post 1994 ethiopia, to engage in general insurance business. There are several insurance companies in ethiopia dealing with all kinds and types of insurance like home insurance,health insurance, car insurance, property insurance, construction insurance, life insurance etc. History of insurance in ethiopia modern insurance service in ethiopia started in 1905. Introduction to insurance principles of insurance 18 the insured is the person or firm or company confronted by risk and the insurer is a person or firm or company, which specializes in the assumption of risk.
Issn 24148385 online issn 24148377 print european journal of multidisciplinary studies janapr 2016 vol. The insurance handbook is the latest addition to i. Socalled bottomry contracts were known to merchants of babylon as early as 40003000 bce. Between 2002 and 2007, general insurance companies generated an average return on equity of 16. Its head office is in addis ababa, ethiopia, and operates through 40 branch offices and 4 licensed contact offices located in addis ababa and different parts of. Nib insurance company is one of gaint insurance companies which is found in ethiopia, if you think to get best insurance service in ethiopia, nib insurance is the best place to come and get those insurance services, our company had long experiance in ethiopian insurance sector and get more. The corporation came into existence by taking over all the assets and liabilities of the thirteen nationalized private insurance companies, with birr 11 million usd 1. The first re insurance company in ethiopia best re. Secondary data obtained from the financial statements balance sheet and profitloss account of insurance companies, financial publications of national bank of ethiopia are analyzed. This is an important revenue source to the government. The less rewarding trend of insurance regulations in ethiopia. Ethiopia insurance corporation the oldest and government owned insurance company in ethiopia ulysse nardin replica watches address. Its bordering neighbors include eritrea to the north, somalia and djibouti to the east, kenya to the south, and sudan to the west.
Ethiore conducted its 4th annual general meeting agm of shareholders on thursday 12th december,2019 at skylights hotel, addis ababa, ethiopia. Foreign insurance companies operating insurance business in ethiopia through agents. Insurance historical development of insurance britannica. Insurance handbook insurance information institute.
The commercial code and the maritme code of ethiopia, insurance 46 provisions 1960 charter 4. Most them, especially the private insurance companies. The period of agents of foreign insurance companies, 1920s 1950s 42 3. List of insurance companies and services in ethiopia. Ethiopian insurance corporation has paid a claim of above 16. Ethiopian insurance corporation eic was established by proclamation no. The requirements to carry on insurance business in ethiopia by abrham yohannes on september, 2011 4 comments taken from law of banking, negotiable instruments and insurance prepare by fasil alemayehu and merhatbeb teklemedhn sponsoredby justice justice and legal system research institute the requirements to carry on insurance. National bank of ethiopia risk management guideline for insurance. Decent health care is quite easy to access in addis ababa, less so elsewhere. At less than 5% of total premiums, the life insurance industry is still very small. Insurance insurance historical development of insurance. Insurance in ethiopia historical development, present status.
Insurance promotes trade and industry by providing risk cover. You can enter your company profile, add logo, pictures, description, address and location of the business in ethiopia. Determinants of insurance company profitability in ethiopia case study on nile insurance, dire dawa branch article pdf available june 2017 with 4,618 reads how we measure reads. Reliable information about the coronavirus covid19 is available from the world health organization current situation, international travel. Ethiopian insurance corporation addis ababa, ethiopia. Factors affecting the profitability of insurance companies the variation of profits between insurance companies over the years, within a country, leads to believe that internal factors or specific factors of a firm play a major role in determining profitability. Insurance companies are permitted to invest 5% of the funds in the capital market. The sample in this study includes nine of the listed insurance companies for nine years 20032011. In 2015, the world bank highlighted that ethiopia had. Insurance in some form is as old as historical society. Jan 23, 20 ethiopian insurers to collect outstanding premiums by dec written by meron tekleberhan published on 23 january 20 category. We have identified 27 adoption friendly accomodations in addis. Ethiopia medical insurance ethiopia, officially the federal democratic republic of ethiopia, is a large landlocked country positioned in the horn of africa. Ethiopian insurance law archives ethiopian legal brief.
Introduction with the aim of achieving radical and fundamental changes in all areas of its operation core and support, the national bank of ethiopia has carried out business process reengineering bpr studies and currently its implementations have been well in progress. The rise of domestic insurance companies, the 1960s 49. The ethiopian insurance industry and the reinsurance business legal environment. Insurance ethiopia list of ethiopia insurance companies. Insurers contribute significantly to the financial security of private households and take on risks from companies, laying the foundation for economic activities. C is one of the pioneer private insurers established on april, 1995 with a capital of birr 12. Tsehay insurance has reported that it has earned 33.
Insurance companies pay taxes out of profits earned. Importance and benefits of insurance for business and people. Factors affecting the profitability of insurance companies. Numerous and frequentlyupdated resource results are available from this search. Considering this crucial role, the study investigates the factors that influence life insurance market from ethiopian perspective. Research report 22 the ethiopian insurance industry and. Nyala insurance share company nisco was founded in july 1995 following the liberalization of the insurance business to the private sector in 1994 with the licensing and supervision of insurance business proclamation no.
Nile insurance company profile about nile nile insurance company s. Factors, which might affect the profitability of insurance companies, can be internal or external factors. Pdf investigating the factors influencing the life insurance market. Africa insurance company aic ethiopia insurancehorn. Pdf determinants of insurance company profitability in. In 2015, the world bank highlighted that ethiopia had witnessed rapid economic growth with real domestic. Mar 25, 2020 the first reinsurance company in ethiopia, ethiopian re endeavors to enhance underwriting capacity and solvency of direct insurers through providing technical support and cover against individual and accumulated catastrophic losses. Oclcs webjunction has pulled together information and resources to assist library staff as they consider how to handle coronavirus. Types of insurance in ethiopia insurance is a way of protecting oneself from financial loss. This school of thought defines insurance in terms of. Business proclamations and regulations ethiopian business news. Ethiopia, officially the federal democratic republic of ethiopia, is a large landlocked country positioned in the horn of africa.
This is a comprehensive list of insurance companies in ethiopia. Bottomry was also practiced by the hindus in 600 bce and was well understood in ancient greece as early as the 4th century bce. Visionto be a world class insurer by the year, 2025missionwe provide our customers an efficient and reliable insurance service and engage in investment activities by deploying the right mix of expertise, the state of the art technology and cost effective strategy. The population of this study is consisting of 17 private insurance companies incorporated. Top insurance companies in ethiopia insurance digest. Ethiopia health insurance pacific prime international. Abstractthe purpose of this study is to investigate important firmlevel determinants of capital structure on ethiopian insurance companies. Insurance companies addis ababa ethiopian business. March 27, 2017 ethiopian insurance corporation celebrates the 2nd employees day.
There are, currently, less than 10 government owned and private insurance companies in ethiopia. The primary business of the insurer is risk assumption for a fee. National bank of ethiopia directivesregulation and supervision of insurance business by abrham yohannes on april 8, 2011 10 comments license and supervision of insurance business investigation fee to be paid by insurance auxiliaries and actuaries opening of branches insurance brokers code of conduct licensing of insurance actuary. May 2020 insurance companies in ethiopia latest ethiopian. It was the fastestgrowing nonoildependent african economy in the years 2007 and 2008. The company has a legal entity registered with the licensing and supervisory body of the national bank of ethiopia in accordance with proclamation no861994 and license. About africa insurance company aic ethiopia background africa insurance company aic is a privately owned professional insurance company established in 1994 in accordance with the licensing and supervision of insurance business proclamation no. Secondly, after incorporating valid comments of insurers on the guideline, the final draft will be issued for all insurance companies to be used as a basis for. During the event, it was reported that the financial year 201819 has been a great year, in which the company successfully achieved the targets planned. It is a kind of risk management in which one pays a premium fee to the insurer which can be the state, a bank, or any other designated financial institution in order to receive a stipulated payment in the event of losing whatever has been insured, due to an accident, or any other event in which.
Types of insurance in ethiopia insurance top lists. Determinants of profitability in private insurance. Its head office is in addis abeba, ethiopia, and operates through 40 branch offices and 4 licensed contact offices located in addis ababa and different parts of the country. Globalsurance is a onestop insurance brokerage service provider for you when travelling to the ethiopia. Ethiopian insurance corporation eic was established in 1976 by proclamation no. June 12, 2017 ethiopian insurance corporation eic graduates new trainees. One of the private insurance companies in ethiopia. Insurance in ethiopia historical development, present. Factors affecting the profitability of insurance companies in. According to the imf, ethiopia was one of the fastest growing economies in the world, registering over 10% economic growth from 2004 through 2009. We offer a wide range of policies to meet your individual needs, including benefits such as dental, maternity, inpatient, outpatient, specialist consultations, and.
Ethiopia certainly has an impressive selection of tropical diseases on offer, but as long as you stay up to date with your vaccinations and take some basic preventive measures, youre much more likely to get a bout of diarrhoea, a cold or an infected mosquito bite than an exotic disease such as sleeping sickness. Doc history of insurance in ethiopia waqo guta academia. There are 10 insurance companies in ethiopia up from 9 in 2007, with about 200 branches across the country. The company is set up with fully paid up capital of 30 million ethiopian birr. It is a kind of risk management in which one pays a premium fee to the insurer which can be the state, a bank, or any other designated financial institution in order to receive a stipulated payment in the. List of insurance companies in ethiopia insurancehorn. Ethiopian insurance sector and its contribution to economic growth. If youre looking for a free download links of insurance practice and marketing. Ezega business guide at was created so ethiopian companies can advertise their products and services online. Population a population is the total collection of elements about which the researcher wishes to make some inferences. Establishment of the first domestic insurance company 44 3.
There are several insurance companies in ethiopia dealing with all kinds and types of insurance like home insurance,health insurance, car insurance, property insurance, construction insurance, life. Ethiopia is a country located in the horn of africa. Anyone can register on this ethiopian business directory with a valid email address for free. The company has a legal entity registered with the licensing and supervisory body of the national bank of ethiopia in accordance with proclamation no861994 and license no. Under a bottomry contract, loans were granted to merchants. Evidence from ethiopian insurance companies by bayeh asnakew kinde university of gondar, ethiopia. Pdf challenges and opportunities of life insurance business in. This study is conducted on the challenges and opportunities of life insurance business in ethiopia. Jun 18, 2019 types of insurance in ethiopia insurance is a way of protecting oneself from financial loss. Foreign insurance companies operating insurance business in ethiopia prior to the enactment of the 1970 insurance proclamation 267 iii. Ethiopian insurers to collect outstanding premiums by dec written by meron tekleberhan published on 23 january 20 category. Insurance companies addis ababa ethiopian business directory.
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