Ethio-Life & General Insurance and Lumia Technologies have launched Lumina, Ethiopia's first fully digital life insurance platform. Leveraging the Fayda national ID for hassle-free mobile registration, Lumina offers coverage up to 750,000 Birr, with premiums starting at 415 Birr. It features rapid claims processing, flexible beneficiary options, and supports multiple local languages, including Amharic, Afaan Oromo, Somali, and Tigrigna. Shimelis Gedlegiorgis, CEO of Ethio-Life and General Insurance, stated, "Lumina marks the first instance in Ethiopian insurance history where individuals can purchase life insurance solely using their mobile phone." Currently, fewer than 400,000 Ethiopians hold life insurance policies, and the insurance sector contributes less than 1pc to the country's GDP. Lumina is expected to bridge this gap by providing coverage to 3.2 million people over the next five years and generating over 13,000 direct and indirect employment opportunities. Out of the 18 insurance companies, only 13 offer life insurance services. A 2020 study by the NBE, revealed that 55 pC of Ethiopian insurance companies maintain their branches in Addis Abeba.
[ssba-buttons]
Loading your updates...