Pays 2.8 bln Birr loss life compensation, vehicle insurance
ADDIS ABABA – State owned Ethiopian Insurance Corporation (EIC) has earned over 1.6 billion Birr gross profit before tax during the year 2023/2024.
According to the corporation, the earned profit has shown increment by 15 percent from the previous year.
It has also generated an income of 747 million Birr from investment, rental interest income and from other income and showed increment by 23% from the same period of last year, corporation said.
This was noted when the corporation held its 37th general assembly with various nationwide branch managements here in Addis yesterday.
The Corporation Chief Executive Officer (CEO) Netsanet Lemessa on the occasion told journalists that the corporation paid out 2.8 Billion Birr compensation claims for loss of property, life and legal liability vehicle insurance during stated period.
According to him, most of the compensation was paid to cover vehicle and life insurance and the corporation has been providing insurance coverage to life, non-life and legal liability during past two decades.
The corporation also collected premium income of 8.6 billion Birr during the last Ethiopian fiscal year and performed 92% of its target or recorded 1.7 billion Birr growth , as to the CEO.
Moreover, the corporation has been providing insurance service to government owned mega projects like Ethiopian Airlines Groups, Commercial Bank of Ethiopia, Ethiopian Railways Cooperation, Ethiopian Road Authority and among others, Netsanet said.
During the aforesaid period, the underwriting result income of the company was reached 2.8 billion Birr and had showed 37 percentage increments from previous budget year.
He also pointed out that the company’s main challenge were repair costs inflation on various properties apart from facing various social and political challenges in conflict-affected areas.
Moreover, the insurance industry total premium volume registered about 28.2 billion Birr during the year 2023/2024 and able to opened new nine satellite branches across the country.
As to him, the corporation has discharging its social responsibility and provided support over 55 million Birr for various entities during the stated period.
BY MISGANAW ASNAKE
THE ETHIOPIAN HERALD SATURDAY 31 AUGUST 2024
