Capital Ushers Insurance Technology Ventures

Jul 15 , 2023

Insurance regulators and providers from nine African countries convened in the capital last week at the Sheraton Hotel on Taitu St. It was part of FSD Ethiopia's Knowledge series with the aim of shaping the future of insurance and technology in Africa. Bimalab Accelerator Program, which is working on 23 insurance startup ventures, went on two-day missions across different sectors to identify gaps in Ethiopia's insurance sector. Presentations by the members indicated that the complexity of insurance claims along with tedious bureaucracies was the reason for the underdevelopment of the sector in Ethiopia's economy. Vice Governor of the National Bank of Ethiopia, Solomon Desta, revealed that Ethiopia's insurance sector contributes a mere one percent to the country's GDP much below the three percent continental average. The collaboration between innovators and regulators was deemed necessary to realise the full of potential of Ethiopia's insurance sector. Yared Molla, president of the Ethiopian Insurers Association and Nyala Insurance and Zufan Abebe, president of Nib Insurance were part of a panel discussion on how to harness technology to bolster the insurance sector in the country.



A street lamp around Addis Abeba Stadium melds into the concrete backdrop emblematic of the capital's ageing infrastructure. Over the past few years, Ethiopia's electric grid has been subject to destruction and theft, subjecting the public treasury to hundreds of millions in losses. Nearly half of the country's population does not have access to electricity. A series of projects by the World Bank has contributed to the slight but essential upgrade to the nation's grid, including a 500 million do...



A trio of donkeys drag along the main road in front of Menlik School around the Arat Kilo area. While the four-legged domestic animal is a venerated member of the Ethiopian labour force, its skin and meat are increasingly valued in the international markets. Rhong Chang, a donkey slaughterhouse operating in Assela Town, Oromia Regional State reopened its services after a seven-year break two years ago. Public outroar has often accompanied the entrance of donkey abattoirs into Ethiopia since anot...



A bustling market emerges under a bridge in the boroughs of the Bole Michael area. Addis Abeba City Administration has launched a series of aesthetic initiatives embalmed in themes of beautification and urbanisation that have removed thousands of shops built with makeshift tents. Above a quarter of Addis Abeba's labour force is engaged in the informal economy, which while often associated with connotations of illegality, remains a sizeable employer in emerging economies across the world. Calibra...