Aviation calamity costs EIC 3.8 billion birrThe Ethiopian Insurance Corporation (EIC) settled 5.4 billion birr in insurance claims during the just ended 2021/2 Ethiopian fiscal year. The state owned insurance firm disclosed in its annual performance report for fiscal years 2022–23 that a large portion of the insurance payment went to an aircraft disaster. The collected premium revenue amounts to 39.3 percent of the industry’s overall premium revenue, according to Netsanet. However, he indicated his management’s displeasure by stating that it could have been considerably higher if premiums from aviation insurance had declined. The aviation insurance premium revenue gap is ascribed to the aviation sector’s poor performance as a result of the COVID-19 epidemic.

Source: Ethiopian News September 03, 2022 09:08 UTC