State-owned Insurance Corporation Profitably Marches Ahead

Aug 26 , 2023

State-owned Ethiopian Insurance Corporation (EIC) sees another profitable year with gross profits soaring to 1.4 billion Br. Its 36th general assembly was held at the Haile Grand Hotel on Asmera Road last week. CEO Nesanet Lemesa welcomed the managerial staff who were beneficiaries of a salary bump and benefits in the ended year as the insurance company netted 6.9 billion Br in premium payments, which accounted for 31pc of the industry total. The Company's total coverage has climbed to a staggering 4.4 trillion Br, a nearly 12pc increase from the prior year, as it managed to renew and issue 161,315 policies with its profits growing by nine per cent. Despite the growth, the CEO indicated that a decline in aviation insurance premiums of 716 million Br due to the combination of COVID-19 and the Russo-Ukraine war had resulted in less than satisfactory performance. EIC managed to accrue 603 million Br from interest income and building rentals. The Insurance Company under the supervision of the country's sovereign wealth fund, Ethiopian Investment Holding (EIH), also managed to pay claims worth 3.5 billion Br in the year. Nesanet mentioned that the confluence of conflict and inflation had hindered several of its branches from functioning at optimal levels while managing to add five satellite branches in the year.



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...