The Ethiopian Insurance Corporation (EIC) is reporting a boost in its risk management capacity, exceeding Birr 6.2 trillion in the first nine months of the current Ethiopian fiscal year. These reforms focused on expanding the corporation's service offerings, modernizing its operations, and making insurance more accessible to the public. Additionally, the corporation paid out Birr 2.2 billion in compensation while achieving a record pre-tax profit of over Birr 1.2 billion. However, CEO Netsanet Lemesa acknowledges ongoing challenges in making comprehensive insurance accessible to everyone. To effectively manage current risks and claim costs, Netsanet emphasizes the need for appropriate adjustments to insurance premiums.

Source: Ethiopian News May 21, 2024 14:49 UTC