Ethiopian Insurance Corporation

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Lagar, 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. Engage in all classes of insurance business in Ethiopia; Ensure the insurance services reach the broad mass of the people, promote efficient utilization of both material and financial resources. EIC was operating the business for about 19 years under protected monopolistic system as state owned-sole insurer.

Life Insurance

The Ethiopian Insurance Corporation renders more than 15 types of polices 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.

EIC maintains a comprehensive range of outward reinsurance agreements with a selection of the leading international reinsurance companies representing first class security in the world reinsurance market, to spread its risks and provide greater security for its clients.

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, EIC was re-established as public enterprise under proclamation number 201/94 with Birr 61 million (USD 7.13 million) paid up capital. Upon re-establishment of the Corporation in 1994 as state owned enterprise, the law covers the following new objectives to the Corporation: Engage in the business of rendering insurance services; Engage in any other related activities conducive to the attainment of its purposes.

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