Nyala Insurance Share Company (NISC) announced its commitment to improve the accessibility of insurance services in rural
areas in Ethiopia this week. The Insurance Company is taking various measures to benefit rural communities according to Eyob Meherette, Company Chief Executive Officer.
A large percent of rural communities have no access to insurance services Eyob explained at a meeting for shareholders held at the Sheraton Addis. The company is resolved to benefit underprivileged communities in rural areas he stated.
Nyala Insurance has established branch and contact offices in remote areas without access to insurance services in the past according to the CEO. The primary objective of this move is increase public awareness on what insurance services are available and the benefits attached to coverage said Eyob. The insurance company will undertake similar awareness raising programs in all its branches he added.The majority of Ethiopians engaged in the agriculture sector can benefit from coverage for agricultural products according to Eyob. Nyala Insurance has therefore designed custom made coverage plans, that include crop and livestock insurance, to cater to rural agrarian needs he said.
The CEO explained that a collaborative effort between the government and the private sector will be required to fully insure that unreached rural communities benefit from access to insurance services.
In related news it was announced that Nyala Insurance Company has shown a 19% growth in the last fiscal year. The company also registered a 47% increase in its long term insurance premium according to Woinshet Gossaye Company Finance and Property Management Executive Officer.
Source: Ethiopian Press Agency
