Aspiring to improve Ethiopia's insurance penetration rate from less than one percent, an initiative for technical expertise and regulatory support was launched last week. Following a lengthy process, 11 startups and four insurance companies (Nyala, Hibret, Nib and Tsheay) were selected to participate in the accelerator program dubbed BimaLab Ethiopia Insurtech Accelerator. Financed by the Bill and Melinda Gates Association, the program run under Financial Sector Deepening Ethiopia (FSDE) was launched last week at the Sheraton Hotel (Taitu St). Martha Hailemariam, a senior advisor at the National Bank of Ethiopia (NBE), hopes the program helps make significant improvements in providing access to insurance in Ethiopia's agricultural sector. BimaLab has previously supported 63 insurance technology companies and the development of 43 insurance products while raising 10 million dollars to further insurance access across 10 African countries. These efforts have resulted in the formation of 20 strategic partnerships reaching over three million customers across the continent. Abel Tadele, lead of the Financial Inclusion Pillar at FSDE, expressed hopes of BimaLab helping to improve and promote a sustainable financial and insurance sector in Ethiopia.
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