2merkato

The annual inflation rate in Ethiopia remained at 20% in July according to data revealed this week. Month-on-month prices remained unchanged for the third consecutive month revealed the data.

The pace of increase in food prices, however, has marginally slowed down showed the data. Food inflation decreased to 20.7% from 21.5% and non food inflation fell to 19.8% from 19%.

The year on year inflation rates showed signs of alleviating from 20.9% in June noted the Central Statistics office.

Eyesuswork Zafu has retired from his 17 year tenure as Chief executive Officer of United Insurance. The CEO hass been seeking retirement for the last three years. 

The shareholders and the board of the insurance have decided the former CEO will continue on with the company in the capacity of an advisor.

Ethiopian insurance companies have collected combined gross premiums of 4.5 billion Ethiopian birr from general insurance, in the 2012/13 fiscal year, Fortune reported citing unaudited aggregated report of the National Bank of Ethiopia.

The amount showed a 17.7 percent growth from the 2011/12 aggregate performance.

Ethiopian Insurance Company, which is a state-owned company, said it earned a gross profit of Birr 946.3 million in 2017/18 fiscal year. General insurance services contributed to 96 percent of the profits while the company’s insurance coverage worth birr 2.2 trillion. It also registered net underwriting of 1.1 billion and paid Birr one billion for claims.

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.