Abay Insurance Company S.C. has been awarded to be the insurer of Amhara National Regional State’s (ANRS) 873 vehicles for two years. According to Fortune, the annual premium is going to be 5.4 Million Birr.

The tender was floated by Amhara’s Public Procurement & Property Disposal Service on Tuesday, August 5, 2014. The tender was to find an insurer for all State’s vehicles across 10 zonal and three city administrations under a single framework.

Following the announcement Oromia Insurance Company, Anbessa Insurance Company, United Insurance Company, Tsehaye Insurance Company, Abay Insurance and Ethiopian Insurance Corporation (EIC) bought the bid document. Yet Anbessa and United did not make any offer.

The tender was conducted in two lots. The first one was for insurance coverage of 750 cars in the Western Amhara State and the other was for 123 cars in the remaining parts of the State.

After a while EIC and Abay were the only insurers shortlisted. EIC offered 7.8 Million Birr for the first lot and 864, 805.20 Birr for the second category. On the other hand Abay offered Five Million Birr for the first category and 400,000 Birr to the second category.

Source: Fortune