Ethiopian Insurance Corporation


Contact Info


Addis Ababa, Ethiopia
Addis Ababa ET
+2511 5512400
+251
+251 11 5517499

Ethiopian Insurance Corporation (EIC) was established by proclamation No.68/1975 on the 1st January 1976. One of the reliable insurance service provider through out ethiopia.

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 by18649450 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.






Contact Ethiopian Insurance Corporation