Types Of Insurance Coverage Given By Ethiopian Insurance Corporation

Individual Long Term Insurance Policies Term Life Assurance Ordinary Endowment Endowment Annuity Whole Life Assurance Childrens Education with profit Anticipated Endowment with profit Mortgage Protection Assurance Group Long Term Insurance Policies Ordinary Group Term Assurance Modified Large Group Term Life Assurance Group Endowment Group Medical Assurance Riders Executive Medical Insurance Comprehensive Accident Insurance Terminal Illness Dread Disease Insurance. Lets see each type of insurance at a time.

Best Insurance Companies In Ethiopia For 2021 Allaboutethio

Under the Ethiopian commercial code there are three types of insurances.

Types of insurance coverage given by ethiopian insurance corporation. Contractors plant machinery. In this brief discussion we will give you the basic highlights on some of the insurance principles. Burglary.

Provides more than 30 types of non life Insurance policies. Historical Development Present Status and Future Challenges explores the historical trajectories thoroughly examines its emergence and the tortuous path it has gone through. Ethipian Insurance Corporation offers Compulsory Third Party Insurance coverage.

Consequential Loss Business Interruption Motor Commercial vehicle. Burglary and House keeping. Health expenditure between 9 135 is needed in order to address resource constraints and provide effective clinical care at all levels of the health system1 the government of ethiopia goe has introduced and financed two types of health insurance.

The Corporation came into existence by taking over all the assets and liabilities of the thirteen nationalized private insurance companies with Birr 11 million USD 129. Procedures have also been given due coverage. Nile Insurance one of the few insurance companies in Ethiopia which has been operating for 25 or more years has reported that it earned a gross profit of 1288 million birr.

They are insurance against damages insurance of liability for damages and insurance of persons. Ethiopian Insurance Corporation EIC was established in 1976 by proclamation No681975. Contractors Plant.

The goods can be. Money motor personalGroup Personal accident Plate glass Product Liability Professional Indemnity Public Liability. Insurance Information Institute 110 William Street New York NY 10038 Tel.

Ethio-Re also offers other wide range of reinsurance for assets that are exposed to various risks. Insurance on the risks of transportation of goods is the oldest and most vital forms of insurance. The Ethiopian Insurance Corporation provides more than 30 types of non life Insurance policies.

Non-life insurance policies are used to cover property and liability risks. Currently there are a total of seventeen insurance companies Africa Awash Global Lion Nib Nile Nyala The United Ethiopian Abay Berhan National Oromia Ethio-life Tsehay Lucy and Bunna. The Corporation also prepares and provides policies which go along with the social and economic standard of the society.

Even though insurance is basically governed by the Insurance Policy signed among the signatory parties and the pertinent Insurance laws of the country the basic Insurance principles of the country will also be considered as parts of an Insurance Policy. We also underwrite agriculture on a treaty or facultative basis. By 2016 in Ethiopia there were 17 Ethiopian insurance companies 1 is government owned 9 of which are composite insurance companies meaning those that transact both general and long term insurance in Ethiopia and 8 deal with general insurance only.

The insurance companies of Ethiopia perform a wide range of activities such as service designing preparing contract and policy marketing and selling underwriting rating reinsurance and other services and claim settlement. EIC provides Long term Property and Liability Insurance covers. This guideline first be delivered to all insurance companies for comments.

There has hardly ever been any work in insurance business in Ethiopia that delved into the historical and factual aspects of the industry. In Ethiopia an excess payment also known as a deductible is a fixed contribution that must be paid each time a car is repaired with the charges billed to an auto insurance policy. Non life insurance policies are used to cover property and liability risksRevises its policies regularly and produces new policies based on the countrys current economic development and the demand.

The governments owned insurance companies Ethiopian Insurance Corporation they get all the government insurance business. The major property and liability insurance services given by the Corporation are all risks Aviation Cargo and Hull Bankers Blanket Policy Burglary and House Breaking Bonds Condominium Consequential loss Crop Insurance Engineering Fidelity Guarantee Fire and Lightning Goods in transit Inland Carriers liability livestock Marine Cargo and Hull. The Ethiopian Insurance Corporation provides more than 30 types of non-life Insurance policies.

The goods shipped by business firms each year are exposed to damage or loss from numerous transportation perils. Fire and Allied perils. The only insurance firm the ethiopia insurance corporation was responsible for provision of all types of insurance services.

Basic Categories of Insurances under Ethiopian Law. All types of trade depend heavily on the availability of insurance for successful and expeditious handling. Corporation is the monopolist insurer under the communist regime and one of life insurance coverage provider with a great share of market as at 2014 AXCO 2014.

Ethio-Re offers reinsurance for agricultural lines and PVT. Aviation Cargo. Secondly after incorporating valid comments of insurers on the guideline the final draft will be issued for all insurance companies to be used as a basis for developing their own inherent and significant risks.

Its earning per share EPS dropped from 325 birr for the 20192018 budget year to 296 birr for the current year. In this aspect the pre-funeral expense insurance can be cited as a good example. Banking and Insurance nine insurance companies- Awash Insurance Global Insurance Lion Insurance National Insurance Nile Insurance Nyala Insurance and United Insurance Company - were established and they are currently operating along with the three state owned banks and the insurance corporation.

We offer significant capacity for agricultural risks and across a wide variety of Agricultural businesses and PVT risks. Consequential Loss Business Interruption Crop Insurance.

Ethiopian Insurance Corporation