Ethiopian Insurance Company (EIC) decided to raise its authorized capital to 592 Million Birr. Currently the company’s paid up capital lies at 383 Million Birr and the plan is pay the 209 Million Birr difference in three years time.

During the stakeholder’s forum on rural insurance it was disclosed, the rise is attributable to the insurer’s faculty to underwrite bigger perils.

In addition to this the company noted it has selected the design for the construction of a 30 storey building for which it has allocated 2.2 Billion Birr.

EIC was established back in 1976 as a sole insurance firm during the communist era. It was then reestablished with 61 Million Birr paid up capital as per Proclamation Number 201/94.

Source: Fortune