Digital Life Insurance Launch, Promising Expansion and 13,000 Jobs


Digital Life Insurance Launch, Promising Expansion and 13,000 Jobs

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]

Radar

Debt Crisis in Focus as Central Bank Governor Visits China

Eyob Tekalegn (PhD), newly appointed governor of the National Bank of Ethiopia (NBE), made his first official overseas trip to China to discuss debt restructuring. He met with senior officials from China's Ministry of Finance, the People's Bank of China, and the Export-Import Bank of China, and is expected to hold talks with leading financial and commercial institutions. State media reported that the visit builds on the recent debt restructuring agreement with the Official Creditors Committee...


Radar

Blueprint for Safety, Builders Face Tough New Standards

Four key institutions in Ethiopia's construction sector signed an MoU at Skylight Hotel to address chronic safety lapses that cost lives and damage property. The deal brings together the Ethiopian Construction Authority, the Construction Management Institute, the Addis Abeba Construction Permit & Regulation Authority, and the Ethiopian Construction Work Contractors Association. Assistant Director Engineer Abebe Dinku warned that accidents persist despite booming activity, with 24,000 acti...


Radar

Licenses of Ten Auditors at Risk After Alleged Tax Irregularities

The Addis Abeba Revenue Bureau has asked the Accounting & Auditing Board of Ethiopia to revoke the licenses of ten accountants and auditors accused of preparing flawed taxpayer records during the 2024/2025 fiscal year. Officials say a preliminary audit uncovered irregularities that may have cost the government revenue. While disciplinary measures are yet to be confirmed, the Bureau said it would no longer accept financial statements signed by the professionals under scrutiny. Citing pr...