Ethiopian Insurance Corporation

Ethiopian Insurance Corporation (EIC) was established by proclamation No.68/1975 on the 1st January 1976.

Vision

“To be a world class insurer by the year, 2025”

Mission

“We provide our customers an efficient and reliable insurance service and engage in investment activities by deploying the right mix of expertise, the state of the art technology and cost effective strategy. In doing so, we contribute to the sustainable development of the national economy and play a vital role in the industry.”

Values:

Customer Focused: We seek first to understand the needs and expectations of our customers and we deliver on them;
Development Partner: We are partner in the Government’s development program;
Excellence: We are aware of our performance and we constantly strive to deliver better than the last time in everything we do;
Pro-Activeness: We provide professional advice to our customers on loss prevention and control;
Transparency and Accountability: We take positive responsibility for the planning, successful execution and delivery of our services;
Team Work: We help each other to do better and together we support one another to keep the promise we made to our customers;
Professional Ethics: We value palying a pivotal professional role aimed at meeting ethical standards in the insurance industry as a whole;
Learning Organization: We value continual learning and use state of the art technology.

SERVICE DISTRIBUTION

EIC renders its services through: – Six District A s and 15 Branches

Central Addis District

Welkite Branch

Northern Addis District

Combolcha Branch
Weldiya Branch
Debrebrehan Branch
Gofa Branch

Western Addis District

Ambo Branch
Ayrertena Branch

Southern Addis District

Saris Branch
Bishoftu Branch

Eastern Addis District

Bole Branch
Megenagna Branch

Life Addis District

Mexico Life Branch
Bole Life Branch
Merkato Life Branch
Megnenagna Life Branch
Eight District B s and 31 Outlying Branches

Mekele District

Shire Indesilasie Branch
Humera Branch

Adama District

Assela Branch
Robe Branch
Semera Branch

Hawasa District

Arbaminch Branch
Dilla Branch
Batu Branch
Hosaena Branch
Welaita Sodo Branch
Shashemene Branch

Nekemte District

Gimbi Branch
Asosa Branch

Jimma District

Metu Branch
Mizan Aman Branch
Gambella Branch

Dire Dawa District

Harar Branch
Jigjiga Branch
Chiro Branch

Bahir Dar District

Gonder Branch
Debremarkos Branch

Arada District (Addis Ababa)

Merkato Branch
Gulele Branch

Life Branches

Adama Life Branch
Hawasa Life Branch
Tana Life Branch
Gibe Life Branch
Dire Life Branch
Tekeze Life Branch
Dedesa Life Branch
Bati Life Branch

And one Satellite Office in Dessie. In addition, the Corporation has a network of Agents representing it throughout the country and it also transacts business through recognized Insurance Brokers.

MAJOR TYPES OF COVER

EIC provides Long term, Property and Liability Insurance covers.

General Insurance Policies

All Risks
Aviation (Cargo & Hull)
Bankers Blanket Policy
Burglary & House Breaking
Bonds
Condominium Insurance
Consequential Loss (Business Interruption)
Crop Insurance
Engineering

Boiler Insurance
Contractors All Risks
Contractors Plant & Machinery
Deterioration of Stock
Erection All Risks
Electronic Equipment Insurance
Machinery Breakdown
Machinery Loss of profit

Fidelity Guarantee
Fire and Allied Perils
Goods-in-Transit
Horticulture-Plantation Insurance Policy
Inland Carriers Liability
Live stock
Marine (Cargo and Hull)
Money
Motor
Personal/Group Personal Accident
Plate Glass
Product Liability
Professional Indemnity
Public Liability
Warehouse Operators Liability
Weather Indexed
Coffee Plantation
Tea Plantation
Cotton Plantation
Exhibition & Bazaar
Workmen’s Compensation etc.

LONG TERM INSURANCE POLICIES

Endowment

- Ordinary Endowment
- Anticipated Endowment Policy (with profit)
- Children’s Education Policy (with profit)
- Endowment Annuity
- Joint Endowment
- Joint Annuity
- Group Endowment

Term

- Individual Term Life Assurance
- Group Term Life Assurance
- Modified Large Group Term Life Assurance
- Individual Mortgage Protection Assurance
- Group Mortgage Protection Assurance
- Joint Mortgage Protection Assurance etc.

Whole Life Assurance

Medical

- Individual Medical Assurance
- Group Medical Assurance
- Executive Medical Assurance
- Travel Health Insurance etc.

REINSURANCE

To provide greater security for its clients, EIC also maintains a comprehensive range of outward reinsurance contracts with a selection of the leading international reinsurance companies representing first class security in the world reinsurance market.
Moreover, the Corporation selectively accepts inward reinsurance business from a variety of foreign insurance companies operating in other countries throughout Africa and Asia. It also participates in Regional Market Pooling arrangements. This activity generated additional income amounting to Birr 3 billion Gross Written Premium in the year 2013/2014.

INVESTMENTS

The Corporation has investment in the following enterprises:-

African Import and Export Bank;
African Reinsurance Corporation;
Motor Engineering Company of Ethiopia (MOENCO);
United Investors Share Company.

INTERNATIONAL AFFILIATIONS

The Corporation has long standing and strong relations with many international insurance organizations and associations. For example, it is a member of three regional organizations i.e.

Federation of Afro Asian Insurers and Re-insurers (FAIR);
African Insurance Organization (AIO); and
Organization of Eastern and Southern African Insurers (OESAI).

ORGANIZATIONAL STRUCTURE AND MANAGEMENT

EIC is administered by the Board of Management which reports to the Public Financial Enterprises Agency which is accountable to the Prime Minister’s Office.

The Top Management Team comprises the Chief Executive Officer, plus five Deputy Chief Executive Officers respectively responsible for:-

General Insurance;
Long Term Insurance;
Resource Management;
Finance & Investment; and
Business Development & Risk Management and four directorates. The senior management is supported by six directors of district A’s & Eight Directors of district B’s and a network of 60 local branches plus one satellite offices all under the supervision of their respective Districts.

STAFF DEVELOPMENT

In order to continuously upgrade the educational qualification of its employees, EIC proved its outstanding commitment in providing its staff with short & long term training programs both here in Ethiopia and overseas.

As of June 30, 2014 EIC has 1,220 employees with different educational background. Both the management and supervisory staff of the Corporation are highly skilled professionals with outstanding academic achievements as well as professional insurance qualifications and many years of excellent practical experience in the insurance industry.