The Ethiopian Insurance Corporation (EIC) announced that it collected more than Birr 13.3 billion in premium income during the 2024/25 fiscal year, highlighting the sector’s growing role in the country’s economy.

According to CEO Abel Tadesse, the corporation’s performance reflects Ethiopia’s wider economic transformation, with the insurance industry playing an increasingly important role in supporting growth across multiple sectors.

Of the total premium income, Birr 12.9 billion was generated from general insurance, while life insurance accounted for Birr 428 million. This strong performance, Tadesse noted, underscores the corporation’s continued expansion and resilience in a competitive financial environment.

The report also revealed that compensation payments during the fiscal year reached Birr 6.56 billion, marking a significant increase compared to the previous year. This figure represents a 137.9 percent rise in claims paid, reflecting both the expansion of coverage and the corporation’s commitment to meeting its obligations to policyholders.

Industry observers note that the insurance sector in Ethiopia, though still developing, is showing signs of rapid growth as more businesses and individuals turn to insurance services to manage risks in a changing economic landscape.

Source: Fana BC