Standard Insurance S.C. is preparing to enter the Ethiopian insurance market within the next few days, positioning itself as the country’s 19th insurance company.

Ethiopia continues to have one of the lowest insurance coverage rates in the region, with several economic sectors still lacking adequate protection. The launch of a new insurer is seen as part of ongoing efforts to expand access and strengthen the industry.

The company enters the market with a registered capital of Birr 305 million, following its licensing by the National Bank of Ethiopia. Standard Insurance S.C. was established by 1,747 members of the Awach Savings and Credit Cooperative Society, which also stands as its largest shareholder.

Over the weekend, the insurer and Awach Savings and Credit Cooperative Society formalized a memorandum of understanding to guide future collaboration.

Standard Insurance S.C. is expected to commence operations within two weeks, offering both general and life insurance services.

Source (including image): Sheger FM 102.1