Ethiopian Insurance Coorpration

6/4/2015

Ethiopian Insurance Coorpration

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Company Profile
HISTORICAL BACKGROUND Ethiopian Insurance Corporation (EIC) was established in 1976 by proclamation No.68/1975. 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 1.29 million) paid up capital aiming the following objectives.
Engage in all classes of insurance business in Ethiopia;
Ensure the insurance services reach the broad mass of the people;
Subject to the provision of Article 18 of the Housing and Saving Bank establishment proclamation No.
60/1975, promote efficient utilization of both material and financial resources.
EIC was operating the business for about nineteen years under protected monopolistic system as state owned­ sole insurer. After the demise of the Marxist regime in mid­1991 a fundamental change has taken place and there was a shift in political, economic and social orientation from totalitarianism to that of liberalism.
Therefore, EIC was re­established as public enterprise under proclamation number 201/94 with Birr 61 million
(USD 7.13 million) paid up capital.
Upon re­establishment of the Corporation in 1994 as state owned enterprise, the law covers the following new objectives to the Corporation:
Engage in the business of rendering insurance services;
Engage in any other related activities conducive to the attainment of its purposes.

ORGANIZATIONAL STURUCTURE AND MANGEMENT EIC is administered by the board of management which reports to the Public Financial Enterprises Agency which is accountable to the Prime Minister's Office.
The Top Management Team comprises the Chief Executive Officer, plus five Deputy Chief Executive Officers respectively responsible for:­.
General insurance;
Long term insurance;
Resource management ;
Finance & investment; and
Business Development & Risk Management and four Directorates.The senior management is supported by Six Directors of District A's and Eight Directors of
District B's a net work of 46 local Branches plus One satellite offices all under the supervision of their respective
Districts.
ETHIOPIAN INSURANCE CORPORATION ORGANIZATION CHART & STAFFING PLAN

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TOP MANAGEMENT

Ato Yewondwosen
Etefa
Chief Executive
Officer

W/ro Misrak
Alemayehu
DCEO, Business
Development &
Risk Management

Ato Haileleul
Tessema
DCEO, Resource
Management
Representative

Ato Netsanet
Lemessa
DCEO, General
Insurance

Ato Kassaye
G/Michael
DCEO, Long Term
Insurance

Ato Sisay Negusa
Director, Internal Audit Directorate

Ato Shiferaw Rufie
DCEO, Finance &
Investment

W/ro kiddist Admassu
Director, Inforamation Technology
Service Management Directorate

Ato Solomon Alemayehu
Director, Legal Service Directorate

Staff Development
In order to continuously upgrade the educational qualification of its employees.EIC exhibited outstanding commitment in providing its staff with short & long term training programs both here in with Ethiopia and overseas. As of June 30, 2013 EIC has 1,227 employees with different educational background. Both the management and supervisory staff of the corporation are highly skilled professionals with outstanding academic achievements as well as professional insurance qualifications and many years of excellent practical experience in the insurance industry.
VISION AND MISSION Vision
To be a world class insurer by the year, 2025.
Mission

We provide our customers an efficient and reliable insurance service and engage in investment activities by deploying the right mix of expertise, the state of the art technology and cost effective strategy. In doing so, we contribute to the sustainable development of the national economy and play a vital role in the industry. Values
Ethiopian Insurance Corporation believes that:­
Customer Focused: We seek first to understand the needs and expectations of our customers and we deliver on them;

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Development Partner: We are partner in the Government's development program; Pro­Activeness: We provide professional advice to our customers on loss prevention and control;
Excellence: We are aware of our performance and we constantly strive to deliver better than the last time in everything we do;
Transparency and Accountability: We take positive responsibility for the planning, successful execution and delivery of our services; Team Work: We help each other to do better and together we support one another to keep the promise we made to our customers; and Professional Ethics: we value Playing a pivotal professional Role aimed at meeting ethical standards in the insurance industry as a whole. Learning Organization: We value continual learning and use state of the art technology.
INVESTMENT AND INTERNATIONAL AFFILIATION

Investment The Corporation has investment in the following enterprises:­

African Import & Export Bank;
African Reinsurance Corporation;
Motor Engineering Company of Ethiopia(MOENCO);
United Investors Share Company.
It also participates in co‐financing of different projects in collaboration with Banks.

International Affiliation
The Corporation has long standing and strong relations with many international insurance organizations and associations. For example, it is a member of three regional organizations i.e.
Federation of Afro Asian Insurers and Reinsurers (FAIR)
African Insurance Organization (AIO) and
Organization of Eastern and Southern African Insurers (OEASI)

REINSURANCE AND BROKERS

Reinsurance

To provide greater security for its clients, EIC also maintains a comprehensive range of outward reinsurance contracts with a selection of the leading international reinsurance companies representing first class security in the world reinsurance market. ,to spread its risks and provide greater security for its clients.
Some of EIC renisurers are:
Munich Re ‐ web site addresses www.munichre.com
Swiss Re ‐ web site addresses www.swissre.com
Africa Re ‐ web site addresses www.africa­re.com
Moreover, the Corporation selectively accepts inward reinsurance business from a variety of foreign insurance companies operating in other countries throughout Africa and Asia. It also participates in Regional Market Pooling arrangements. This activity generated additional income amounting to Birr 33.6 million Gross Written Premium in the year 2012/2013.
Note: There should be a link to the web site of those reinsuresrs. The website addresses are munichre.com, swissre.com and africa­re.com respectively.
Brokers

Some of the reinsurance Brokers are:
JB Boda ‐ web site addresses www.jbboda.net
AON of London ‐ web site addresses www.aon.net

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