Call: Tel. 0902 478585, 0118 547556

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.

Ethiopian Insurance Corporation

Head Office, Districts & Branches Addresses

OfficesLocated atTelephone  No.Fax No.P.O.Box
     Head OfficeA.A011/5512400011/55174992545
Central Addis DistrictA.A011/5512400011/55040001124
  Welkite BranchWelkite0113 30 00 790113 30 00 65107
  Bisrategebriel BranchA.A0113690618/20113690622
  Lideta BranchA.A115303081115303174
  Butajira BranchButajira046/1450252/0670046/1450560161
Northern Addis District A.A011/5517335011/55120442192
Combolcha BranchCombolcha033/5510197033/551019582
Dessie BranchDessie033/3123686033/3123683544
Weldiya BranchWeldiya033/3310286033/3310092444
Debrebrhan BranchD/Brhan011/6815403011/6815212155
Gofa    BranchA.A011/4706495011/4706431 
Western Addis DistrictA.A011/5515055011/55039972327
Ambo BranchAmbo011/2364465011/2366074413
Ayertena BranchA.A011/3639097
Autobus Tera BranchA.A11273510111273518050910
Burayu BranchBurayu011/2604792
Bethel BranchA.A011/3696691
Southern Addis DistrictA.A011/5517070011/55050551167
    Saris BranchA.A011/4403961/2011/4421030121602
 Bishoftu BranchBishoftu011/4335759011/43368931441
 Kality BranchA.A011/4717722/26011/4717648
 Bekilobet BranchA.A114700478211470476190
Eastern Addis DistrictA.A011/5512500011/55039992563
  Megenagna BranchA.A011/6621325011/6638694110621
  Bole BranchA.A011/6628034011/6631765
  Yerer BranchA.A011/6677838/7630116677893
Mekelle DistrictMekelle034/4405275034/4406915479
       Shire Endasilasie BranchShire   034/4442227 034/4443098368
       Humera BranchHumera   034/2480000 034/248000170
       Adigrat BranchAdigrat   034/2450287 034/245028299
Adama DistrictAdama022/1112066022/1114573107
Assela BranchAssela022/3311070022/3315153358
Robe BranchRobe022/6650614022/6651675203
Semera BranchSemera033/6660378/472  033/666028663
      Awash Sebat kilo BranchAwash sebat2222412812222412838
      Mojo BranchMojo022/2366556/4280022/236861149
      Dodola BranchDodola
Hawassa DistrictHawassa046/2200536046/221012965
 Arbaminch BranchArbamich046/8810139046/8812604113
 Dilla BranchDilla046/3312370046/3310320180
   Bulle Hora  BranchHagermariam     046/443097146443097246
Batu BranchBatu 046/4412456/7046/441368828
Hosana BranchHosana046/5554557046/5554556193
Wolaita Sodo  BranchWolaita        046 /5510200/3465510211339
Shashemenie BranchShashemenie046/1102726462110079592
Jinka BranchJinka046/7751780046/7751868171
Nekemte DistrictNekemte  057/6611393/4057/661101689
Gimbi BranchGimbi057/7710579057/7710753124
Asosa BranchAsosa057/7752138057/775021429
Denbidollo BranchDenbidollo057/5553330057/555296814
Jimma DistrictJimma047/1110657047/1118557185
 Metu BranchMetu047/4413108047/4414459272
Mizan Aman BranchMizan047/3350277047/3351654256
 Bonga BranchBonga047/3310501276
 Gambella BranchGambella047/551105278
Dire Dawa DistrictDiredawa025/1113274025/1114096208
Jigjiga BranchJigjiga025/7751269025/7756495300
Chero BranchChero025/5510881025/5510061293
Harrar BranchHarrar025/6666600025/6664709
Gelemso BranchGelemso255520856255520856
Bahir Dar DistrictBahirdar058/2200584  058/2208010270
Gonder BranchGonder058/1110950  058/1116598193
 Debremarkos BranchD/markos058/7711614  058/7711637155
 Debrtabor BranchD/tabor058/1410357152
Arada DistrictA.A011/1564183011/156247129769
 Merkato BranchA.A011/2774090011/2771284184905
    Gulele BranchA.A011/2590145
    Fiche BranchFiche111609460111609172
     Life Addis DistrictA.A011/5512400011/55275901088
            Mexico Life BranchA .A011/1564183011/156247129769
Megenagna Life BranchA. A011/6614911011/66386941088
Bole Life BranchA. A011/6628034011/6631765
            Merkato Life BranchA. A011/3471720
     Life outlying Branches
Adama Life BranchAdama022/1110733022/11145731263
 Hawassa Life BranchHawassa046 /2200168046/221012965
 Tana Life BranchBahir Dar058 /2203599058/2208010270
 Gebie Life BranchJimma047 /1110657047/1118557185
 Dire Life BranchDiredawa025 /1111562025/1114096208
 Tekeze Life BranchMekelle034 /4413701034/4406915479
 Dedessa Life BranchNekemte057/6612311057/661101689
 Bati Life BranchCombalcha033/ 5510197033/551019582
 Gonder life BranchGonder058/1110950058/1116598193

TOP MANAGEMENT TEAM

HEAD OFFICE

NAMEPositionTelephonee-mail
Mr. Netsanet LemessaChief Executive Officer.011 5517974

eic.md@eic-et.com

Mrs. Misrak AlemayehuDeputy Chief Executive Officer, Business Development & Risk Management.011 5516521

bdrm@eic-et.com

Mr. Haileleul TessemaDeputy Chief Executive Officer, Resource Management.011 5150969

eic.hrm@ethionet.et

 Mr. Yohannes ZewdieDeputy Chief Executive Officer, General Insurance.011 5520165

eic.operation@ethionet.et

Mr. Kahsse G/MichaelDeputy chief Executive Officer, Long Term Insurance.011 5535381

eic.longterm@ethionet.et

Mr. Shiferaw RufieDeputy Chief Executive Officer, Finance & Investment.011 5523487

eic.finance1@ethionet.et

Mr. Mussie AmareDirector, Legal Service Directorate Representative011 5519091

 

Mrs. Kiddist AdmassuDirector, Information Technology Service Management Directorate.011 5154295

eic.iss@ethionet.et

Mr. Sisay NegussieDirector, Internal Audit Directorate.011 5527756

wwsisaynigus@yahoo.com

DISTRICT A’s DIRECTORS

NAMEPositionTelephonee-mail
Mr. Asamnew MeressaLife Addis District Director0115534978/79eic.life@ethionet.et
Mr. Belete GetachewCentral Addis District Director Representative011 5528456eic.northwestern@ethionet.et
Mr. Gemechis KumeraWestern Addis District Director011 5504581eic.western@ethionet.et
Mr. Solomon DemisseNorthern Addis District Director011 5511826eic.northeastern@ethionet.et
Mr.Kelbessa KaraSouthern Addis District Director011 5505749eic.southern@ethionet.et
Mr. Kassahun TsegayeEastern Addis District Director011 5509528eic.eastern@ethionet.et

HEAD OFFICE DIRECTORS

NAMEPositionTelephonee-mail
Mr.Newaye AbebeDirector, Change Management Directorate Representative115543625eic.mkt@ethionet.et
Mr. Yared G/YesusDirector, Support Service Directorate.115520166eictechnicalservice@ethionet.et
Mr. Mola BirhaneDirector, Marketing & Strategic Mgt Directorate.115516859eic.mkt@ethionet.et
Mr. Seyoum TuluDirector, Risk Management Directorate115529593eic.mkt@ethionet.et
Mr. Taye AyeleDirector, Investment Directorate115526640eic.finance1@ethionet.et
Miss. Genet TilahunDirector,Finance Directorate115527746eic.finance1@ethionet.et
Mr. Masresha TezeraDirector, Human Resource Management Directorate115150950eic.hrm@ethionet.et
Mr. Temitime TolaDirector, Facility Management Directorate115518543eic.hrm@ethionet.et
Mr. Alemayehu ShibeshiDirector, Motor Insurance and Cross Boarder Relations Directorate.115153396comessaycard@ethionet.et

MAJOR CLAIMS SETTLED

IN THE LAST FIVE YEARS (in ETH BIRR)

OrganizationType of Insurance CoverAmount Paid In BirrYear the Claim Settled
“MM BEDDING INDUSTRIES PLC”Fire16,821,563.702016/17
Anbessa City Bus Service EnterpriseFire16,154,196.412016/17
Ato Tesfaye Amare Mirachmotor1,789,335.337/2/2017
Ato Kiros Ambaye ArefeMarine1,435,219.2916/02/17
Yeshi plcmotor1,479,647.0016/05/17
Yeshi plcmotor1,197,650.008/4/2017
Ato Tibeb Goshiye Beyenemotor1,068,679.2416/03/17
Ato Fasil Mesfin Dersomotor2,476,600.0029/12/16
Ato Yohannes Mezgebemotor2,423,900.0014/09/16
FDRE Sugar Corporation1,805,566.6714/09/16
FDRE Ministry of Education1,699,461.107/11/2016
Yeshi plcmotor1,140,000.0019/09/16
Liben Tary and Jarso Tarimotor1,237,500.0012/12/2016
Ato Teshome Beyenemotor1,030,056.0019/09/16
Hadush Naizgimotor1,048,672.9218/08/16
Kalab Trading PLCmotor1,354,695.002014/15
Ato Taem Adihanommotor1,317,635.682014/15
Ato Niwaye Debebe and Debub Global Bankmotor1,223,640.872014/15
Ato Hasan Ahimedmotor1,154,892.152014/15
Ato Baraket Mogesmotor1,140,000.002014/15
Ato Alem G/Yesus and Brihan Bankmotor1,090,006.032014/15
Ato G/egzihaber H/Mariam and Ta’em H/Mariammotor1,453,350.002014/15
Ethiopian Electric Utility3,028,376.0016/4/2015
Haile Yimammotor1,330,000.0020/06/2015
Berehanena Selam printing enterpriseFire4,115,284.7713/4/2015
Embassy of Senegalmotor3,403,330.9619/3/2015
Derba TransportMotor3,889,535.4213/14/15
Yeshi plcMotor5,228,935.2713/14/15
Kahsay BisratMotor3,695,215.9213/14/15
Ethiopian Petroleum supply enterpriseMarine1,056,297.8930/12/2014
Ibrahim DersoMotor1,796,000.002013/14
Ethipian Postal ServiceMotor1,181,287.392013/14
Said HassenFlood2,087,307.502013/14
Defense Construction InstituteMotor1,184,988.402013/14
Hailkiros GebruMotor1,309,243.922013/14
Ibrahim YesufMotor1,438,700.382013/14
Abssinia IntegratedGPA1,204,850.452013/14
Sugar CorporationMarine3,153,044.662013/14
Kifle GirmyeeMotor1,995,000.002013/14
Haftaye ekubamikaelMotor2,977,231.002013/14
Sugar CorporationMarine6,341,357.4220/12/13
Hibret Manufacturing &Machine Building IndustryMarine1,395,626.762012/13
Solomon Aregawi & Abay Bank Main BranchMotor1,239,750.002012/13
Afework Fisseha & CBE,Addis Ababa BranchMotor1,228,549.722012/13
DBE & kenean Land Agricultural DevelopmentCrop1,090,584.002012/13
Bics Mola & Buna International BankMotor1,099,224.542012/13
Castel wineryMarine1,168,785.852012/13
Sky Bus TransportMotor2,188,860.712012/13
Yibeltal Admete Construction & Machinery RentalMotor2,090,000.002012/13
National Cement Share CompanyEngineering1,010,283.992012/13
National Cement Share CompanyMarine1,229,745.222012/13

FINANCIAL HIGHLIGHTS

EIC’s Financial Performance for the last five years (in ETB’000.00 BIRR )

Particular2016/2017 (PROVISIONAL)2015/16 2014/15 2013 /14 2012/13
PAID UP CAPITAL      592,000.00    515,342.00       438,685.00   61,007.00       61,007.00
LEGAL RESERVE &    UNAPPROPRIATED PROFIT      448,508.00    509,474.00       478,592.00    620,582.00     487,404.00
INSURANCE FUND   1,917,794.00 1,685,220.00   1,506,748.00 1,496, 970 1,382,525.00
TOTAL ASSETS   4,123,652.00 3,486,196.00   3,143,157.00 2,900,517.00 2,624,756.00
INVESTEMENT INCOME      157,528.00    175,101.00       169,285.00  135,570.00       92,487.00
GROSS WRITTEN PREMIUM   2,721,369.00 2,296,748.00   2,096,476.00 1,982,536.00 2,168,218.00
PREMIUM  EARNED   2,340,358.002,204,043.00   1,342,944.00 2,021,806.00 1,955,390.00
PROFIT BEFORE TAX      698,577.00   518,787.00       672,344.00   439,998.00     343,771.00
PROFIT AFTER TAX      494,690.00   386,745.00       494,255.00   323,390.00     237,539.00

2020 Ethiopia Market | Addis Ababa, Ethiopia