Insurance Association Asks for Credit Information Exchange
The Ethiopian Insurance Association has requested permission from the National Bank of Ethiopia to enable a system to share credit information amongst insurance companies.
The insurance companies have need of such a system to check if clients are in debt to other insurers so as to help with the 1.7 billion birr of uncollected debt currently weighing down the industry. The association is proposing to collect the debt collectively owed to the sector within two years.
It is to be remembered that Ethiopia’s newly ratified ‘Insurance Business’ proclamation has made several changes to how the industry operates. The new proclamation prohibits insurance companies from providing policy coverage on credit according to a notification issued by the national bank in a circular signed by Temesgen Zeleke, Director of the Insurance Division Directorate at NBE.
A foundation stone has been laid for the construction of an international airport in the town of Gode, in eastern Ethiopia's Somali region. The new international airport is named "Miraad Leyli International Airport", named after a local martyr.
