Ethiopia: EIC Collected 2.1 Billion Birr from Premium

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The state-owned insurer, Ethiopian Insurance Corporation (EIC), has collected a tally of 2.1 billion Birr from the sale of premiums in the first half of the current fiscal year. The amount is said to have exceeded last year’s same period by 234.9 million Birr or in other words 13 percent.

According to EIC’s, Marketing and Strategic Management Director, in the last 6 years, EIC had managed to bring its market share in the industry to 41.2 percent.

During the same period, the insurance company paid 543.7 million Birr gross claims to its customers. From the entire materialized risks the company compensated, 79.3 percent was paid for motor insurance.

During the six months period, from the entire compensation EIC paid, 30.4 percent was for the government while 55 percent went to the private sector. Furthermore, finance and the public took up 2.5 percent and 12 percent respectively.

In the last fiscal year, the insurance firm disclosed it has made a gross profit of 700 million Birr.

Source: Fortune

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