Marine, Aviation Sectors Smile for United Insurance

Nov 12 , 2022

Premiums underwritten for clients in the aviation and marine industries seem to have driven business for United Insurance, a veteran in the industry. It was incorporated in 1994 with a paid-up capital of eight million Birr, raised from 87 founding shareholders. Its directors met their shareholders last week at the Sheraton Addis, with the good news that the company has registered 200 million Br in gross profit in its operation year of 2021/22. The gains in profit represent a 21pc increase from the previous year's performance. Its paid-up capital reached half a billion birr after the 519 shareholders voted to raise the subscribed capital four years ago. United Insurance's total assets reached 2.1 billion Br, after collecting close to 954 million Br in premiums. The firm, operating with 54 branches, invested in real estate, collecting over 45 million Br from building rentals of four properties. Its revenues from general insurance services have registered a 30pc growth, reaching over 860 million Br and life insurance premiums increased by 30pc to more than 93 million Br. The rising number of car accidents and the soaring prices for spare parts has pushed its annual net claims ratio by 21pc to 349 million Br. The Board Chairperson, Mulualem Berhane (PhD), applauded the performance, considering the current political climate and the global economic slowdown.


Ministry Ponders Tax Waivers for Rural Energy Solutions

Tax exemptions for off-grid energy technologies like solar pumps and mini-grids are under discussion, spearheaded by the Ministry of Water & Energy. Commonly used by rural households, officials disclose their simultaneous plan to develop 300 mini-grids in the next six years. According to Birhanu Weldu, the lead executive of rural energy technology development, the initiative tackles the country's low electrification rate and reliance on charcoal and firewood. Charcoal, fuel wood, and...


Rural Land Proclamation Comes to Light

A landmark legislation that grants title holders in rural areas the right to use the property as collateral was unanimously ratified by Parliament last week. It primarily focuses on extending access to finance for farmers and pastoralists, through a structured land title system. It also introduces criminal penalties for the illegal transfer of property. Replacing the 18-year-old proclamation for rural land management, the law sentences individuals engaging in land invasions and unauthoris...


Ethiopian Unveils $50m Domestic Terminal Renovation

With a rising demand for domestic travel, Ethiopian Airlines has renovated its terminal at Addis Abeba Bole International Airport with 50 million dollars to handle customers. The expanded terminal has doubled its previous size to 25,750Sqm and accommodates 200 daily flights to and from 22 domestic destinations. It includes four contact gates, 10 remote departure gates, 22 check-in counters with automated baggage screening systems, shops and restaurants. The terminal also features a dedica...