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Tsehay Insurance, Ethiopia Launches Operations

Tsehay Insurance SC formally entered the insurance sector in Ethiopia at a ceremony held last Saturday.

The Insurance Company launched operations with its first branch opened in mid-May and currently has three branches located in the Abune Petros, Haya Hulet and Merkato areas of Addis Ababa.

The company is planning two more branches before the end of the current financial year in July in the Addis Ketema and Meshualkia areas.

Tsehay began selling premiums from engineering, liability, property and pecuniary insurance according to Yonas Belay, Executive Officer of Marketing and Business Development with the insurance company.

The insurer which is licensed for non-life general insurance plans to open branches in the major regional cities in the coming budget year with long term plans to diversify its services to life insurance he said.

Tsehay Insurance SC was founded in September 0f 2011 and received operating licenses in March. The company has currently has a subscribed capital of more than 45 million birr and paid up capital of above 11 million birr with 107 shareholders.

Source: Capital