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

Offices Located at Telephone  No. Fax No. P.O.Box
     Head Office A.A 011/5512400 011/5517499 2545
Central Addis District A.A 011/5512400 011/5504000 1124
  Welkite Branch Welkite 0113 30 00 79 0113 30 00 65 107
  Bisrategebriel Branch A.A 0113690618/20 113690622
  Lideta Branch A.A 115303081 115303174
  Butajira Branch Butajira 046/1450252/0670 046/1450560 161
Northern Addis District  A.A 011/5517335 011/5512044 2192
Combolcha Branch Combolcha 033/5510197 033/5510195 82
Dessie Branch Dessie 033/3123686 033/3123683 544
Weldiya Branch Weldiya 033/3310286 033/3310092 444
Debrebrhan Branch D/Brhan 011/6815403 011/6815212 155
Gofa    Branch A.A 011/4706495 011/4706431  
Western Addis District A.A 011/5515055 011/5503997 2327
Ambo Branch Ambo 011/2364465 011/2366074 413
Ayertena Branch A.A 011/3639097
Autobus Tera Branch A.A 112735101 112735180 50910
Burayu Branch Burayu 011/2604792
Bethel Branch A.A 011/3696691
Southern Addis District A.A 011/5517070 011/5505055 1167
    Saris Branch A.A 011/4403961/2 011/4421030 121602
 Bishoftu Branch Bishoftu 011/4335759 011/4336893 1441
 Kality Branch A.A 011/4717722/26 011/4717648
 Bekilobet Branch A.A 1147004782 11470476190
Eastern Addis District A.A 011/5512500 011/5503999 2563
  Megenagna Branch A.A 011/6621325 011/6638694 110621
  Bole Branch A.A 011/6628034 011/6631765
  Yerer Branch A.A 011/6677838/7630 116677893
Mekelle District Mekelle 034/4405275 034/4406915 479
       Shire Endasilasie Branch Shire    034/4442227  034/4443098 368
       Humera Branch Humera    034/2480000  034/2480001 70
       Adigrat Branch Adigrat    034/2450287  034/2450282 99
Adama District Adama 022/1112066 022/1114573 107
Assela Branch Assela 022/3311070 022/3315153 358
Robe Branch Robe 022/6650614 022/6651675 203
Semera Branch Semera 033/6660378/472   033/6660286 63
      Awash Sebat kilo Branch Awash sebat 222241281 222241283 8
      Mojo Branch Mojo 022/2366556/4280 022/236861 149
      Dodola Branch Dodola
Hawassa District Hawassa 046/2200536 046/2210129 65
 Arbaminch Branch Arbamich 046/8810139 046/8812604 113
 Dilla Branch Dilla 046/3312370 046/3310320 180
   Bulle Hora  Branch Hagermariam      046/4430971 464430972 46
Batu Branch Batu  046/4412456/7 046/4413688 28
Hosana Branch Hosana 046/5554557 046/5554556 193
Wolaita Sodo  Branch Wolaita         046 /5510200/3 465510211 339
Shashemenie Branch Shashemenie 046/1102726 462110079 592
Jinka Branch Jinka 046/7751780 046/7751868 171
Nekemte District Nekemte   057/6611393/4 057/6611016 89
Gimbi Branch Gimbi 057/7710579 057/7710753 124
Asosa Branch Asosa 057/7752138 057/7750214 29
Denbidollo Branch Denbidollo 057/5553330 057/5552968 14
Jimma District Jimma 047/1110657 047/1118557 185
 Metu Branch Metu 047/4413108 047/4414459 272
Mizan Aman Branch Mizan 047/3350277 047/3351654 256
 Bonga Branch Bonga 047/3310501 276
 Gambella Branch Gambella 047/5511052 78
Dire Dawa District Diredawa 025/1113274 025/1114096 208
Jigjiga Branch Jigjiga 025/7751269 025/7756495 300
Chero Branch Chero 025/5510881 025/5510061 293
Harrar Branch Harrar 025/6666600 025/6664709
Gelemso Branch Gelemso 255520856 255520856
Bahir Dar District Bahirdar 058/2200584   058/2208010 270
Gonder Branch Gonder 058/1110950   058/1116598 193
 Debremarkos Branch D/markos 058/7711614   058/7711637 155
 Debrtabor Branch D/tabor 058/1410357 152
Arada District A.A 011/1564183 011/1562471 29769
 Merkato Branch A.A 011/2774090 011/2771284 184905
    Gulele Branch A.A 011/2590145
    Fiche Branch Fiche 111609460 111609172
     Life Addis District A.A 011/5512400 011/5527590 1088
            Mexico Life Branch A .A 011/1564183 011/1562471 29769
Megenagna Life Branch A. A 011/6614911 011/6638694 1088
Bole Life Branch A. A 011/6628034 011/6631765
            Merkato Life Branch A. A 011/3471720
     Life outlying Branches
Adama Life Branch Adama 022/1110733 022/1114573 1263
 Hawassa Life Branch Hawassa 046 /2200168 046/2210129 65
 Tana Life Branch Bahir Dar 058 /2203599 058/2208010 270
 Gebie Life Branch Jimma 047 /1110657 047/1118557 185
 Dire Life Branch Diredawa 025 /1111562 025/1114096 208
 Tekeze Life Branch Mekelle 034 /4413701 034/4406915 479
 Dedessa Life Branch Nekemte 057/6612311 057/6611016 89
 Bati Life Branch Combalcha 033/ 5510197 033/5510195 82
 Gonder life Branch Gonder 058/1110950 058/1116598 193

TOP MANAGEMENT TEAM

HEAD OFFICE

NAME Position Telephone e-mail
Mr. Netsanet Lemessa Chief Executive Officer. 011 5517974

eic.md@eic-et.com

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

bdrm@eic-et.com

Mr. Haileleul Tessema Deputy Chief Executive Officer, Resource Management. 011 5150969

eic.hrm@ethionet.et

 Mr. Yohannes Zewdie Deputy Chief Executive Officer, General Insurance. 011 5520165

eic.operation@ethionet.et

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

eic.longterm@ethionet.et

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

eic.finance1@ethionet.et

Mr. Mussie Amare Director, Legal Service Directorate Representative 011 5519091

 

Mrs. Kiddist Admassu Director, Information Technology Service Management Directorate. 011 5154295

eic.iss@ethionet.et

Mr. Sisay Negussie Director, Internal Audit Directorate. 011 5527756

wwsisaynigus@yahoo.com

DISTRICT A’s DIRECTORS

NAME Position Telephone e-mail
Mr. Asamnew Meressa Life Addis District Director 0115534978/79 eic.life@ethionet.et
Mr. Belete Getachew Central Addis District Director Representative 011 5528456 eic.northwestern@ethionet.et
Mr. Gemechis Kumera Western Addis District Director 011 5504581 eic.western@ethionet.et
Mr. Solomon Demisse Northern Addis District Director 011 5511826 eic.northeastern@ethionet.et
Mr.Kelbessa Kara Southern Addis District Director 011 5505749 eic.southern@ethionet.et
Mr. Kassahun Tsegaye Eastern Addis District Director 011 5509528 eic.eastern@ethionet.et

HEAD OFFICE DIRECTORS

NAME Position Telephone e-mail
Mr.Newaye Abebe Director, Change Management Directorate Representative 115543625 eic.mkt@ethionet.et
Mr. Yared G/Yesus Director, Support Service Directorate. 115520166 eictechnicalservice@ethionet.et
Mr. Mola Birhane Director, Marketing & Strategic Mgt Directorate. 115516859 eic.mkt@ethionet.et
Mr. Seyoum Tulu Director, Risk Management Directorate 115529593 eic.mkt@ethionet.et
Mr. Taye Ayele Director, Investment Directorate 115526640 eic.finance1@ethionet.et
Miss. Genet Tilahun Director,Finance Directorate 115527746 eic.finance1@ethionet.et
Mr. Masresha Tezera Director, Human Resource Management Directorate 115150950 eic.hrm@ethionet.et
Mr. Temitime Tola Director, Facility Management Directorate 115518543 eic.hrm@ethionet.et
Mr. Alemayehu Shibeshi Director, Motor Insurance and Cross Boarder Relations Directorate. 115153396 comessaycard@ethionet.et

MAJOR CLAIMS SETTLED

IN THE LAST FIVE YEARS (in ETH BIRR)

Organization Type of Insurance Cover Amount Paid In Birr Year the Claim Settled
“MM BEDDING INDUSTRIES PLC” Fire 16,821,563.70 2016/17
Anbessa City Bus Service Enterprise Fire 16,154,196.41 2016/17
Ato Tesfaye Amare Mirach motor 1,789,335.33 7/2/2017
Ato Kiros Ambaye Arefe Marine 1,435,219.29 16/02/17
Yeshi plc motor 1,479,647.00 16/05/17
Yeshi plc motor 1,197,650.00 8/4/2017
Ato Tibeb Goshiye Beyene motor 1,068,679.24 16/03/17
Ato Fasil Mesfin Derso motor 2,476,600.00 29/12/16
Ato Yohannes Mezgebe motor 2,423,900.00 14/09/16
FDRE Sugar Corporation 1,805,566.67 14/09/16
FDRE Ministry of Education 1,699,461.10 7/11/2016
Yeshi plc motor 1,140,000.00 19/09/16
Liben Tary and Jarso Tari motor 1,237,500.00 12/12/2016
Ato Teshome Beyene motor 1,030,056.00 19/09/16
Hadush Naizgi motor 1,048,672.92 18/08/16
Kalab Trading PLC motor 1,354,695.00 2014/15
Ato Taem Adihanom motor 1,317,635.68 2014/15
Ato Niwaye Debebe and Debub Global Bank motor 1,223,640.87 2014/15
Ato Hasan Ahimed motor 1,154,892.15 2014/15
Ato Baraket Moges motor 1,140,000.00 2014/15
Ato Alem G/Yesus and Brihan Bank motor 1,090,006.03 2014/15
Ato G/egzihaber H/Mariam and Ta’em H/Mariam motor 1,453,350.00 2014/15
Ethiopian Electric Utility 3,028,376.00 16/4/2015
Haile Yimam motor 1,330,000.00 20/06/2015
Berehanena Selam printing enterprise Fire 4,115,284.77 13/4/2015
Embassy of Senegal motor 3,403,330.96 19/3/2015
Derba Transport Motor 3,889,535.42 13/14/15
Yeshi plc Motor 5,228,935.27 13/14/15
Kahsay Bisrat Motor 3,695,215.92 13/14/15
Ethiopian Petroleum supply enterprise Marine 1,056,297.89 30/12/2014
Ibrahim Derso Motor 1,796,000.00 2013/14
Ethipian Postal Service Motor 1,181,287.39 2013/14
Said Hassen Flood 2,087,307.50 2013/14
Defense Construction Institute Motor 1,184,988.40 2013/14
Hailkiros Gebru Motor 1,309,243.92 2013/14
Ibrahim Yesuf Motor 1,438,700.38 2013/14
Abssinia Integrated GPA 1,204,850.45 2013/14
Sugar Corporation Marine 3,153,044.66 2013/14
Kifle Girmyee Motor 1,995,000.00 2013/14
Haftaye ekubamikael Motor 2,977,231.00 2013/14
Sugar Corporation Marine 6,341,357.42 20/12/13
Hibret Manufacturing &Machine Building Industry Marine 1,395,626.76 2012/13
Solomon Aregawi & Abay Bank Main Branch Motor 1,239,750.00 2012/13
Afework Fisseha & CBE,Addis Ababa Branch Motor 1,228,549.72 2012/13
DBE & kenean Land Agricultural Development Crop 1,090,584.00 2012/13
Bics Mola & Buna International Bank Motor 1,099,224.54 2012/13
Castel winery Marine 1,168,785.85 2012/13
Sky Bus Transport Motor 2,188,860.71 2012/13
Yibeltal Admete Construction & Machinery Rental Motor 2,090,000.00 2012/13
National Cement Share Company Engineering 1,010,283.99 2012/13
National Cement Share Company Marine 1,229,745.22 2012/13

FINANCIAL HIGHLIGHTS

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

Particular 2016/2017 (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    2,340,358.00 2,204,043.00    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

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