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Ethiopian Insurance Corporation (EIC) was established by proclamation No.68/1975 on the 1st January 1976.

Vision

“To be a world class insurer by the year, 2025”

Mission

“We 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. In doing so, we contribute to the sustainable development of the national economy and play a vital role in the industry.”

Values:

• Customer Focused: We seek first to understand the needs and expectations of our customers and we deliver on them;
• Development Partner: We are partner in the Government’s development program;  
• Excellence: We are aware of our performance and we constantly strive to deliver better than the last time in everything we do;
• Pro-Activeness: We provide professional advice to our customers on loss prevention and control;
• Transparency and Accountability: We take positive responsibility for the planning, successful execution and delivery of our services;
• Team Work: We help each other to do better and together we support one another to keep the promise we made to our customers;
• Professional Ethics: We value palying a pivotal professional role aimed at meeting ethical standards in the insurance industry as a whole;
• Learning Organization: We value continual learning and use state of the art technology.

SERVICE DISTRIBUTION

• EIC renders its services through: - Six District A s and 15 Branches

Central Addis District

• Welkite Branch    

Northern Addis District

• Combolcha Branch
• Weldiya Branch
• Debrebrehan Branch
• Gofa Branch

Western Addis District

• Ambo Branch    
• Ayrertena Branch

Southern Addis District

• Saris Branch
• Bishoftu Branch

Eastern Addis District

• Bole Branch
• Megenagna Branch

Life Addis District

• Mexico Life Branch
• Bole Life Branch
• Merkato Life Branch
• Megnenagna Life Branch

• Eight District B s and 31 Outlying Branches

Mekele District 

• Shire Indesilasie Branch
• Humera Branch

Adama District

• Assela Branch
• Robe Branch                   
• Semera Branch

Hawasa District

• Arbaminch Branch
• Dilla Branch
• Batu Branch
• Hosaena Branch
• Welaita Sodo Branch
• Shashemene Branch

Nekemte District

• Gimbi Branch
• Asosa Branch

Jimma District

• Metu Branch
• Mizan Aman Branch
• Gambella Branch

Dire Dawa District

• Harar Branch
• Jigjiga Branch
• Chiro Branch

Bahir Dar District

• Gonder Branch
• Debremarkos Branch

Arada District (Addis Ababa)

• Merkato Branch
• Gulele Branch

Life Branches

• Adama Life Branch
• Hawasa Life Branch      
• Tana Life Branch
• Gibe Life Branch
• Dire Life Branch
• Tekeze Life Branch              
• Dedesa Life Branch   
• Bati Life Branch

And one Satellite Office in Dessie. In addition, the Corporation has a network of Agents representing it throughout the country and it also transacts business through recognized Insurance Brokers.

MAJOR TYPES OF COVER

EIC provides Long term, Property and Liability Insurance covers.

General Insurance Policies

• All Risks
• Aviation (Cargo & Hull)
• Bankers Blanket Policy
• Burglary & House Breaking
• Bonds
• Condominium Insurance
• Consequential Loss (Business Interruption)
• Crop Insurance
• Engineering

• Boiler Insurance
• Contractors All Risks
• Contractors Plant & Machinery
• Deterioration of Stock
• Erection All Risks
• Electronic Equipment Insurance
• Machinery Breakdown
• Machinery Loss of profit

• Fidelity Guarantee
• Fire and Allied Perils
• Goods-in-Transit
• Horticulture-Plantation Insurance Policy
• Inland Carriers Liability
• Live stock
• Marine (Cargo and Hull)
• Money
• Motor
• Personal/Group Personal Accident
• Plate Glass
• Product Liability
• Professional Indemnity
• Public Liability
• Warehouse Operators Liability
• Weather Indexed
• Coffee Plantation
• Tea Plantation
• Cotton Plantation
• Exhibition & Bazaar
• Workmen’s Compensation etc.

LONG TERM INSURANCE POLICIES

• Endowment

• • Ordinary Endowment
  • Anticipated Endowment Policy (with profit)
  • Children’s Education Policy (with profit)
  • Endowment Annuity
  • Joint Endowment
  • Joint Annuity
  • Group Endowment

• Term

• • Individual Term Life Assurance
  • Group Term Life Assurance
  • Modified Large Group Term Life Assurance
  • Individual Mortgage Protection Assurance
  • Group Mortgage Protection Assurance
  • Joint Mortgage Protection Assurance etc.

• Whole Life Assurance

• Medical

• • Individual Medical Assurance
  • Group Medical Assurance
  • Executive Medical Assurance
  • Travel Health Insurance etc.

REINSURANCE

To provide greater security for its clients, EIC also maintains a comprehensive range of outward reinsurance contracts with a selection of the leading international reinsurance companies representing first class security in the world reinsurance market.
Moreover, the Corporation selectively accepts inward reinsurance business from a variety of foreign insurance companies operating in other countries throughout Africa and Asia. It also participates in Regional Market Pooling arrangements.  This activity generated additional income amounting to Birr 3 billion Gross Written Premium in the year 2013/2014.

INVESTMENTS

The Corporation has investment in the following enterprises:-

• African Import and Export Bank;
• African Reinsurance Corporation;
• Motor Engineering Company of Ethiopia (MOENCO);
• United Investors Share Company.  

INTERNATIONAL AFFILIATIONS

The Corporation has long standing and strong relations with many international insurance organizations and associations. For example, it is a member of three regional organizations i.e.

• Federation of Afro Asian Insurers and  Re-insurers  (FAIR);
• African Insurance Organization (AIO); and   
• Organization of Eastern and Southern African Insurers (OESAI).

ORGANIZATIONAL STRUCTURE AND MANAGEMENT

EIC is administered by the Board of Management which reports to the Public Financial Enterprises Agency which is accountable to the Prime Minister's Office.
   
The Top Management Team comprises the Chief Executive Officer, plus five Deputy Chief Executive Officers respectively responsible for:-

• General Insurance;
• Long Term Insurance;
• Resource Management;
• Finance & Investment; and
• Business Development & Risk Management and four directorates. The senior management is supported by six directors of district A's & Eight Directors of district B's and a network of 60 local branches plus one satellite offices all under the supervision of their respective Districts.

STAFF DEVELOPMENT

In order to continuously upgrade the educational qualification of its employees, EIC proved its outstanding commitment in providing its staff with short & long term training programs both here in Ethiopia and overseas.

As of June 30, 2014 EIC has 1,220 employees with different educational background. Both the management and supervisory staff of the Corporation are highly skilled professionals with outstanding academic achievements as well as professional insurance qualifications and many years of excellent practical experience in the insurance industry.

Ethiopian Insurance Corporation

Head Office, Districts & Branches Addresses

 

Offices	Located at	Telephone  No.	Fax No.	P.O.Box
Head Office	A.A	011/5512400	011/5517499	2545
Central Addis District	A.A	011/5512400	011/5504000	1124
Welkite Branch	Welkite	0113 30 00 79	0113 30 00 65	107
Bisrategebriel Branch	A.A	0113690618/20	113690622	-
Lideta Branch	A.A	115303081	115303174	-
Butajira Branch	Butajira	046/1450252/0670	046/1450560	161
Northern Addis District	A.A	011/5517335	011/5512044	2192
Combolcha Branch	Combolcha	033/5510197	033/5510195	82
Dessie Branch	Dessie	033/3123686	033/3123683	544
Weldiya Branch	Weldiya	033/3310286	033/3310092	444
Debrebrhan Branch	D/Brhan	011/6815403	011/6815212	155
Gofa    Branch	A.A	011/4706495	011/4706431
Western Addis District	A.A	011/5515055	011/5503997	2327
Ambo Branch	Ambo	011/2364465	011/2366074	413
Ayertena Branch	A.A	011/3639097	-	-
Autobus Tera Branch	A.A	112735101	112735180	50910
Burayu Branch	Burayu	011/2604792	-	-
Bethel Branch	A.A	011/3696691
Southern Addis District	A.A	011/5517070	011/5505055	1167
Saris Branch	A.A	011/4403961/2	011/4421030	121602
Bishoftu Branch	Bishoftu	011/4335759	011/4336893	1441
Kality Branch	A.A	011/4717722/26	011/4717648	-
Bekilobet Branch	A.A	1147004782	11470476190	-
Eastern Addis District	A.A	011/5512500	011/5503999	2563
Megenagna Branch	A.A	011/6621325	011/6638694	110621
Bole Branch	A.A	011/6628034	011/6631765	-
Yerer Branch	A.A	011/6677838/7630	116677893	-
Mekelle District	Mekelle	034/4405275	034/4406915	479
Shire Endasilasie Branch	Shire	034/4442227	034/4443098	368
Humera Branch	Humera	034/2480000	034/2480001	70
Adigrat Branch	Adigrat	034/2450287	034/2450282	99
Adama District	Adama	022/1112066	022/1114573	107
Assela Branch	Assela	022/3311070	022/3315153	358
Robe Branch	Robe	022/6650614	022/6651675	203
Semera Branch	Semera	033/6660378/472	033/6660286	63
Awash Sebat kilo Branch	Awash sebat	222241281	222241283	8
Mojo Branch	Mojo	022/2366556/4280	022/236861	149
Dodola Branch	Dodola
Hawassa District	Hawassa	046/2200536	046/2210129	65
Arbaminch Branch	Arbamich	046/8810139	046/8812604	113
Dilla Branch	Dilla	046/3312370	046/3310320	180
Bulle Hora  Branch	Hagermariam	046/4430971	464430972	46
Batu Branch	Batu	046/4412456/7	046/4413688	28
Hosana Branch	Hosana	046/5554557	046/5554556	193
Wolaita Sodo  Branch	Wolaita	046 /5510200/3	465510211	339
Shashemenie Branch	Shashemenie	046/1102726	462110079	592
Jinka Branch	Jinka	046/7751780	046/7751868	171
Nekemte District	Nekemte	057/6611393/4	057/6611016	89
Gimbi Branch	Gimbi	057/7710579	057/7710753	124
Asosa Branch	Asosa	057/7752138	057/7750214	29
Denbidollo Branch	Denbidollo	057/5553330	057/5552968	14
Jimma District	Jimma	047/1110657	047/1118557	185
Metu Branch	Metu	047/4413108	047/4414459	272
Mizan Aman Branch	Mizan	047/3350277	047/3351654	256
Bonga Branch	Bonga	047/3310501		276
Gambella Branch	Gambella	047/5511052		78
Dire Dawa District	Diredawa	025/1113274	025/1114096	208
Jigjiga Branch	Jigjiga	025/7751269	025/7756495	300
Chero Branch	Chero	025/5510881	025/5510061	293
Harrar Branch	Harrar	025/6666600	025/6664709
Gelemso Branch	Gelemso	255520856	255520856
Bahir Dar District	Bahirdar	058/2200584	058/2208010	270
Gonder Branch	Gonder	058/1110950	058/1116598	193
Debremarkos Branch	D/markos	058/7711614	058/7711637	155
Debrtabor Branch	D/tabor	058/1410357		152
Arada District	A.A	011/1564183	011/1562471	29769
Merkato Branch	A.A	011/2774090	011/2771284	184905
Gulele Branch	A.A	011/2590145
Fiche Branch	Fiche	111609460	111609172
Life Addis District	A.A	011/5512400	011/5527590	1088
Mexico Life Branch	A .A	011/1564183	011/1562471	29769
Megenagna Life Branch	A. A	011/6614911	011/6638694	1088
Bole Life Branch	A. A	011/6628034	011/6631765
Merkato Life Branch	A. A	011/3471720
Life outlying Branches
Adama Life Branch	Adama	022/1110733	022/1114573	1263
Hawassa Life Branch	Hawassa	046 /2200168	046/2210129	65
Tana Life Branch	Bahir Dar	058 /2203599	058/2208010	270
Gebie Life Branch	Jimma	047 /1110657	047/1118557	185
Dire Life Branch	Diredawa	025 /1111562	025/1114096	208
Tekeze Life Branch	Mekelle	034 /4413701	034/4406915	479
Dedessa Life Branch	Nekemte	057/6612311	057/6611016	89
Bati Life Branch	Combalcha	033/ 5510197	033/5510195	82
Gonder life Branch	Gonder	058/1110950	058/1116598	193

 

TOP MANAGEMENT TEAM

HEAD OFFICE

NAME	Position	Telephone	e-mail
Mr. Netsanet Lemessa	Chief Executive Officer.	011 5517974	eic.md@eic-et.com
Mrs. Misrak Alemayehu	Deputy Chief Executive Officer, Business Development & Risk Management.	011 5516521	bdrm@eic-et.com
Mr. Haileleul Tessema	Deputy Chief Executive Officer, Resource Management.	011 5150969	eic.hrm@ethionet.et
Mr. Yohannes Zewdie	Deputy Chief Executive Officer, General Insurance.	011 5520165	eic.operation@ethionet.et
Mr. Kahsse G/Michael	Deputy chief Executive Officer, Long Term Insurance.	011 5535381	eic.longterm@ethionet.et
Mr. Shiferaw Rufie	Deputy Chief Executive Officer, Finance & Investment.	011 5523487	eic.finance1@ethionet.et
Mr. Mussie Amare	Director, Legal Service Directorate Representative	011 5519091
Mrs. Kiddist Admassu	Director, Information Technology Service Management Directorate.	011 5154295	eic.iss@ethionet.et
Mr. Sisay Negussie	Director, Internal Audit Directorate.	011 5527756	wwsisaynigus@yahoo.com

 

DISTRICT A's DIRECTORS

NAME	Position	Telephone	e-mail
Mr. Asamnew Meressa	Life Addis District Director	0115534978/79	eic.life@ethionet.et
Mr. Belete Getachew	Central Addis District Director Representative	011 5528456	eic.northwestern@ethionet.et
Mr. Gemechis Kumera	Western Addis District Director	011 5504581	eic.western@ethionet.et
Mr. Solomon Demisse	Northern Addis District Director	011 5511826	eic.northeastern@ethionet.et
Mr.Kelbessa Kara	Southern Addis District Director	011 5505749	eic.southern@ethionet.et
Mr. Kassahun Tsegaye	Eastern Addis District Director	011 5509528	eic.eastern@ethionet.et

 

HEAD OFFICE DIRECTORS

NAME	Position	Telephone	e-mail
Mr.Newaye Abebe	Director, Change Management Directorate Representative	115543625	eic.mkt@ethionet.et
Mr. Yared G/Yesus	Director, Support Service Directorate.	115520166	eictechnicalservice@ethionet.et
Mr. Mola Birhane	Director, Marketing & Strategic Mgt Directorate.	115516859	eic.mkt@ethionet.et
Mr. Seyoum Tulu	Director, Risk Management Directorate	115529593	eic.mkt@ethionet.et
Mr. Taye Ayele	Director, Investment Directorate	115526640	eic.finance1@ethionet.et
Miss. Genet Tilahun	Director,Finance Directorate	115527746	eic.finance1@ethionet.et
Mr. Masresha Tezera	Director, Human Resource Management Directorate	115150950	eic.hrm@ethionet.et
Mr. Temitime Tola	Director, Facility Management Directorate	115518543	eic.hrm@ethionet.et
Mr. Alemayehu Shibeshi	Director, Motor Insurance and Cross Boarder Relations Directorate.	115153396	comessaycard@ethionet.et

 

MAJOR CLAIMS SETTLED

IN THE LAST FIVE YEARS (in ETH BIRR)

Organization	Type of Insurance Cover	Amount Paid In Birr	Year the Claim Settled
“MM BEDDING INDUSTRIES PLC”	Fire	16,821,563.70	2016/17
Anbessa City Bus Service Enterprise	Fire	16,154,196.41	2016/17
Ato Tesfaye Amare Mirach	motor	1,789,335.33	7/2/2017
Ato Kiros Ambaye Arefe	Marine	1,435,219.29	16/02/17
Yeshi plc	motor	1,479,647.00	16/05/17
Yeshi plc	motor	1,197,650.00	8/4/2017
Ato Tibeb Goshiye Beyene	motor	1,068,679.24	16/03/17
Ato Fasil Mesfin Derso	motor	2,476,600.00	29/12/16
Ato Yohannes Mezgebe	motor	2,423,900.00	14/09/16
FDRE Sugar Corporation	-	1,805,566.67	14/09/16
FDRE Ministry of Education	-	1,699,461.10	7/11/2016
Yeshi plc	motor	1,140,000.00	19/09/16
Liben Tary and Jarso Tari	motor	1,237,500.00	12/12/2016
Ato Teshome Beyene	motor	1,030,056.00	19/09/16
Hadush Naizgi	motor	1,048,672.92	18/08/16
Kalab Trading PLC	motor	1,354,695.00	2014/15
Ato Taem Adihanom	motor	1,317,635.68	2014/15
Ato Niwaye Debebe and Debub Global Bank	motor	1,223,640.87	2014/15
Ato Hasan Ahimed	motor	1,154,892.15	2014/15
Ato Baraket Moges	motor	1,140,000.00	2014/15
Ato Alem G/Yesus and Brihan Bank	motor	1,090,006.03	2014/15
Ato G/egzihaber H/Mariam and Ta'em H/Mariam	motor	1,453,350.00	2014/15
Ethiopian Electric Utility	-	3,028,376.00	16/4/2015
Haile Yimam	motor	1,330,000.00	20/06/2015
Berehanena Selam printing enterprise	Fire	4,115,284.77	13/4/2015
Embassy of Senegal	motor	3,403,330.96	19/3/2015
Derba Transport	Motor	3,889,535.42	13/14/15
Yeshi plc	Motor	5,228,935.27	13/14/15
Kahsay Bisrat	Motor	3,695,215.92	13/14/15
Ethiopian Petroleum supply enterprise	Marine	1,056,297.89	30/12/2014
Ibrahim Derso	Motor	1,796,000.00	2013/14
Ethipian Postal Service	Motor	1,181,287.39	2013/14
Said Hassen	Flood	2,087,307.50	2013/14
Defense Construction Institute	Motor	1,184,988.40	2013/14
Hailkiros Gebru	Motor	1,309,243.92	2013/14
Ibrahim Yesuf	Motor	1,438,700.38	2013/14
Abssinia Integrated	GPA	1,204,850.45	2013/14
Sugar Corporation	Marine	3,153,044.66	2013/14
Kifle Girmyee	Motor	1,995,000.00	2013/14
Haftaye ekubamikael	Motor	2,977,231.00	2013/14
Sugar Corporation	Marine	6,341,357.42	20/12/13
Hibret Manufacturing &Machine Building Industry	Marine	1,395,626.76	2012/13
Solomon Aregawi & Abay Bank Main Branch	Motor	1,239,750.00	2012/13
Afework Fisseha & CBE,Addis Ababa Branch	Motor	1,228,549.72	2012/13
DBE & kenean Land Agricultural Development	Crop	1,090,584.00	2012/13
Bics Mola & Buna International Bank	Motor	1,099,224.54	2012/13
Castel winery	Marine	1,168,785.85	2012/13
Sky Bus Transport	Motor	2,188,860.71	2012/13
Yibeltal Admete Construction & Machinery Rental	Motor	2,090,000.00	2012/13
National Cement Share Company	Engineering	1,010,283.99	2012/13
National Cement Share Company	Marine	1,229,745.22	2012/13

 

FINANCIAL HIGHLIGHTS

EIC's Financial Performance for the last five years (in ETB'000.00 BIRR )

Particular	2016/2017 (PROVISIONAL)	2015/16	2014/15	2013 /14	2012/13
PAID UP CAPITAL	592,000.00	515,342.00	438,685.00	61,007.00	61,007.00
LEGAL RESERVE &    UNAPPROPRIATED PROFIT	448,508.00	509,474.00	478,592.00	620,582.00	487,404.00
INSURANCE FUND	1,917,794.00	1,685,220.00	1,506,748.00	1,496, 970	1,382,525.00
TOTAL ASSETS	4,123,652.00	3,486,196.00	3,143,157.00	2,900,517.00	2,624,756.00
INVESTEMENT INCOME	157,528.00	175,101.00	169,285.00	135,570.00	92,487.00
GROSS WRITTEN PREMIUM	2,721,369.00	2,296,748.00	2,096,476.00	1,982,536.00	2,168,218.00
PREMIUM  EARNED	2,340,358.00	2,204,043.00	1,342,944.00	2,021,806.00	1,955,390.00
PROFIT BEFORE TAX	698,577.00	518,787.00	672,344.00	439,998.00	343,771.00
PROFIT AFTER TAX	494,690.00	386,745.00	494,255.00	323,390.00	237,539.00