16 September 2017

Ethiopia: Nile Settles 231 Million Br Claims

Nile Insurance S.C, one of the veteran firms in the country, paid a claim of 231 million Br in the past fiscal year, according to its unaudited report. The firm has written a premium of 420 million Br and 28 million Br from general and life insurance lines of business, respectively during the same fiscal year.

The firm has enjoyed a market share of six percent and 7.6pc from general and life insurance policies, correspondingly.

Nile has also announced an unaudited gross profit of 80 million Br and 29 million Br gross profit from general and long-term insurance businesses in the recently concluded fiscal year. This is a five-fold increase compared with the preceding fiscal year.

Three weeks ago the central bank approved the appointment of Hailu Mekonen, as the CEO of the firm. Hailu, who has replaced Melaku Sisay, has close to two decades of experience in the insurance industry.

Concerning premium products, the 22 year old Nile is amongst the top five insurance companies in the country. In the recently concluded fiscal year, Nile and 16 other insurers in the country have written a premium of 10.4 billion Br.

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