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Nib Eyes 'Edir' for Life Insurance Potential

Mar 10 , 2022

The executives of Nib Insurance look to capitalise on traditional bereavement associations as a source of growth for the life insurance line of business.

Known as "Edir", these associations act as a form of social insurance. Members provide financial support to cover the cost of burials in the case of death.

Nib has signed a contract with Jamii One, a Denmark-based firm, for the supply of a digital savings platform that helps Edir members to pay daily premiums of up to two Birr each for a group life insurance policy. Though the life insurance business has seen notable growth over the past three years, it lags far behind non-life policies. Premiums paid for long-term insurance policies registered at nearly one billion Birr last year, accounting for seven percent of the industry gross written premiums.

Eleven of the 18 insurance firms offer life insurance policies.

The life insurance business made up slightly more than 10pc of the 568 million Br Nib generated from premiums last year.

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