Ethiopian Insurance Corporation


Phone +251 11 5512400
Fax +251 11 5517499
Business Type State Owned
LocationAddis Ababa, Ethiopia
Primary CategoryInsurance
Ethiopian Insurance Corporation

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 by18649450 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

 


Exchange Rates

Selling
Buying
USD 29.8230  29.2382 
GBP 35.4331  34.7383 
EUR 32.9931  32.3462 
CHF 28.7222  28.1590 
CAD 20.3145  19.9162 
AED 7.3480  7.2039