27 April 2018

Eritrea: Nice - Expanding Its Activities

Asmara — The National Insurance Corporation of Eritrea reported that it's working to ensure the safety of lives and property, expanding and developing its activities, as well as increasing the awareness of the public. The comment was made by Mr. Zeru Woldemicael, General Manager of the Corporation.

Indicating that the insurance corporation provides insurance coverage for unexpected accidents that may occur as well as re-insuring in various foreign insurance companies, Mr. Zeru said that the corporation is exerting strong effort to raise the awareness of the public with a view that they properly use the service provided.

Mr. Zeru also pointed out that all vehicles in the country are mandated to enter third level insurance and that out of the 250 million Nakfa worth yearly insurance agreements 150 million Nakfa is from vehicles and the remaining from other insurance agreements. He also said that the corporation in 2017 has generated 92 million Nakfa profit.

Pointing out that currently there are 2200 Eritrean share holders including the Government and martyrs trust fund, Mr. Zeru said that profit is distributed to share holders every year.

The National Insurance Corporation of Eritrea that was established in 1992 has joint venture with re-insure companies in Kenya, Nigeria, South Africa and Germany.

Eritrea

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