How many insurance companies are there in Ethiopia?

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.

What is the structure of insurance?

Insurance companies are generally organized in five broad departments: claims, finance, legal, marketing and underwriting. Marketing and underwriting are the “yes” departments, while claims and finance are the “no” departments. The legal department is often the referee between these competing interests.

What is the insurance business in Ethiopia?

Ethiopian Insurance Corporation (EIC) was established in 1976 by proclamation No. 68/1975. 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 1.29 million) paid up capital aiming the following objectives.

Who regulates insurance in Ethiopia?

the NBE
The Ethiopian insurance industry is regulated by the NBE. Motor third-party liability insurance and professional indemnity insurance for insurance intermediaries are compulsory classes of insurance. Composite insurance is permitted in Ethiopia.

What are the types of insurance in Ethiopia?

Under the Ethiopian commercial code, there are three types of insurances. They are insurance against damages, insurance of liability for damages and insurance of persons.

What are the major functions of Ethiopian insurance companies?

According to proclamation 68/1975 stated the purpose of Ethiopian Insurance Corporation is as follows:

  • Engage in all classes of insurance business in Ethiopia.
  • Ensure that services reach the broad masses of the people.
  • Promote efficient utilization of both material and insurance resources.

What are the legal requirements for health insurance in Ethiopia?

The other condition that a person must fulfill to obtain a license relates to the minimum capital of the company, i.e., it must have a minimum capital of 3 million Birr if it is applying for license to undertake general insurance business i.e., insurances other than insurance of persons, and 4 million Birr if it is …

What is the function of National Bank of Ethiopia PDF?

To regulate the supply, availability and cost of money and credit. To manage and administer the country’s international reserves. To license & supervise banks & hold commercial banks reserves & lend money to them. To supervise loans of commercial banks and regulate interest rates.