-Rescues 50 mln. USD outflow
ADDIS ABABA – Along with the government and pertinent stakeholders, the Ethiopian Reinsurance S.C (Ethio-Re) said that it is exerting efforts of promoting its regional and global reinsurance accessibility.
During media briefing yesterday, Ethio-Re Chief Executive Officer Dawit Gebreamannuel stated that the company has been providing technical, financial and capacity building trainings in a bid to uphold the national insurers’ capacity and promote its reach in the international markets.
Apart from strengthening the insurance and reinsurance capacity and professionalism in the industry, the CEO highlighted that they have managed to curb undue outflow of forex counted for 50 million USD since it commenced operation in 2016.
Upon its certification by AM Best Rating Company based in the U.S. which operating in insurance and reinsurance-related securities, Dawit noted that this rating achievement has brought a significant milestone to operating in various African countries like Kenya, Tanzania, Rwanda and many other countries in the region.
So far, the company’s income generation capacity has been seriously impacted due to the absence of this rating report system thereby boosting their income, he added.
On his part, Ethio-Re Strategy and Business Development Executive Officer Fikru Tsegaye remarked that it has been working in partnership with the government and private sector with the grant share of 40% and 60% respectively.
Signing a strategic partnership agreement with Kenya, Sudan, Middle East, Uganda, he underscored that the certification has helped to seamlessly export services and function in African countries.
He has also emphasized that the emergence of vibrant insurance companies would be an additional impetus for the developments of capital market and macroeconomic reforms in which Ethiopia is currently spearheading.
Fikru stated that the company is also providing chains of trainings to insurance professionals in areas such as electric vehicle, cyber risk, ICT, auditing annually to meet the insurance industries demand and reaching out to the community.
He said, adding that the drive-demand is also discharging its social corporate responsibility in school feeding programs, elderly and elderly centers, climate action and other interventions.
It was indicated that the company has become the leading reinsurance in Ethiopia with regard to GWP in 2022/23.
According to him, it is also eying on building a strong market base in Ethiopia and sub-Saharan African countries.
He said: “The firm has a well-planned mission to expand its reach to international markets by prioritizing businesses in Africa, Middle East, Asian markets selectively. Besides, it is striving to secure business from domestic and international markets.”
The subscribed capital of Ethiopian-Re reached 2.5 billion Birr which fivefold greater than the regulatory minimum by any standard is huge for a company just started operation, Fikru said.
BY ASHENAFI ANIMUT
THE ETHIOPIAN HERALD WEDNESDAY 18 SEPTEMBER 2024
