8 February 2017

Ethiopia: Agency to Step Up Third Party Insurance Services

Insurance Fund Administration Agency indicated that is has set to open branch offices in Afar, Somali, Gambela, and Benishangul-Gumuz states.

The Agency briefed local journalists on its biannual execution here yesterday.

During the occasion, Agency Director General Yisak Abera said the agency had registered successes in Tigray, Amhara, Oromia and SNNP states, where it has branch offices.

The Director General confirmed that the Agency has collected 39,270,000 Birr in revenue, which is 72.1 per cent of its plan for the reporting period, adding: "It will step up efforts to modernize its system and human resource capacity."

He added that within the last six months, insurance fund awareness raising works have been accomplished in nine states as well as in the two city administrations.

According to him, the agency paid 1,428,240 Birr to 129 health centers which provided emergency treatment for traffic accident victims over the last six months.

Apart from this, the Agency provided property insurance to 275,061 vehicles and the number may increase when the December report is included.

Besides, insurance companies provided over 39 million Birr in compensation to causalities of road traffic accidents and covering the cost of emergency medical treatment, he asserted.

Unable to receive timely information, Commercial Bank's delay to provide compensation to victims on time, limitation on implementing third party risk insurance were among the challenges that should be alleviated in the remaining six months, the report indicated.

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