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Finance-Home
I Banks
I Micro-Finance I
Insurances
(a)
General Information
Year
of Establishment
1976
Current
Operational Area (s)
EIC
is currently operating in:
-
Tgray
(Mekele)
-
Amhara
(Bahir Dar, Gondar, Kombolcha)
-
Oromiyaa
(Nazareth, Assela, Robe, Ziway, Nekemte, Ghimbi, Jimma, Asebe Teferi)
-
Southern
Region (Awassa, Arba Minch)
-
Diredawa
-
Addis
Ababa (in Central, Southern, Eastern, Western and North Western part of the
City)
-
Foreign
Branch (Djibouti).
Future
Expansion Plan
EIC
wants to expand its outreach to the following areas:
-
Tigray
(Endasellasie, Humera)
-
Semera
-
Amhara
(Woldia, Debretabor, Debremarkos)
-
Oromiyaa
(Debrezeit, Dodolla, Assosa)
-
Southern
Region (Wollaita, Jinka).
Total
Number of Branches Opened so far
EIC
has 24 branches operating allover Ethiopia.
Total
Number of Clients Served So far/ Number of policies
52,855
table
overview see next page ....
(b)
Terms and Types of Insurance Services/Policies
|
Type
of Cover
|
Minimum
Term/ Duration of Coverage
|
Maximum
Term/ Duration of Coverage
|
|
1.
Non-Life
Insurance
-
All
Risk
-
Aviation
-
Burglary
and House Breaking
-
Bonds
-
Consequential
Loss (Business Interruption)
-
Depositors’
Personal Accident
Engineering:
*
Boiler Insurance
*
Contractors’ All-Risk
*
Electronic Equipment
Insurance
*
Machinery Breakdown
*
Machinery Loss of Profit
Hull
Cargo
By Air
By See
|
1
day
3
months
1
day
-
1
day
1
day
2
months
-
-
1
day
Event
-
30
days
60
days
1
month
1
day
1
day
-
1
day
1
day
-
Voyage
Voyage
|
1
year
1
year
1
year
-
1
year
6
years
1
year
1
year
1
year
-
1
year
1
year
4
months
6
months
1
year
1
year
1
year
1
year
1
year
1
year
1
year
1
year
1
year
|
|
2.
Life
Insurance
Endowment:
-
Anticipated Endowment Policy
(With profit)
- Children’s Education Policy
(with profit)
|
12
months
7
months
|
24
years
14
years
|
|
Endowment
Annuity
|
10
months
|
40
years
|
|
Medical:
-Individual Medical Assurance
-Group Medical Insurance
Term:
-Individual Term Life Assurance
-Regular Term Life Assurance
-Modified Large Group Term
Life Assurance
-Mortgage Protection
Assurance
Whole
Life Assurance
Others
-
Iddir (Ethiopian Funeral Expenses
Cover)
-
Equib (Ethiopian Community
Savings/Loans Protection)
|
-
-
10
months
10
months
-
1
month
Through
out his/her life
-
-
|
-
-
30
years
30
years
1
year
35
years
1
year
1
year
|
Time needed to process and get services and amount of premium
|
No.
|
Type
of Loan
|
Time
needed to get service
|
Annual
premium
|
|
1.
|
Motor
|
½
day
|
Not
specified
(Upon
request)
|
|
2.
|
Fire
|
½
(1 – 2 days for over Birr 5 million)
|
“
|
|
3.
|
Marine
|
½
day
|
“
|
|
4.
|
Workers’
Compensation
|
½
day
|
“
|
|
5.
|
Aviation
|
½
day
|
“
|
|
6.
|
Engineering
|
2
- 3 days
|
“
|
|
7.
|
Bond
|
2
- 3 days
|
“
|
|
8.
|
Life
Insurance
|
30
min – 3 days
|
“
|
|
9.
|
Health
Insurance
|
1
– 5 days
|
“
|
General
Criteria for client (risk) eligibility of Insurance Coverage
-
It is
not possible to insure against a risk which likely to occur, like
depreciation;
-
The risk
to be insured must be capable of being measured in financial terms;
-
There
must be legal relationship between the insured and the subject matter of
insurance;
-
The risk
must be pure risk not speculative risk;
-
The risk
must be homogeneous as much as possible with other risks insured by the
insurer.
Additional
Information and Documents Required from new clients
-
Evidence
of Legal Ownership (Property);
-
Interest
in the subject matter of insurance (life insurance);
-
The
subject matter of insurance must be surveyed (Property);
-
Examined
medically in the case of Life.
Type
of clients addressed so far:
Application/proposal
form:
Each
insurance coverage has its own application/proposal form. The following are
just two of the specimens for Personal Accident and Workmen’s Collective
Insurances:
Plan
to avail Services to Micro and Small Entrepreneurs (MSEs)
The
EIC has a plan to do.
Service
Out-let
The
services of the Company are accessible through its branch offices and sales
agents.
Frequency
of revising loan policies
It
depends on the need and urgency of the matter, which needs revision.
Head
Office
Telephone:
+251-1-512400 or +251-1-519077
Fax
: +251-1-517499
E-mail
: eic.md@telecom.net.et
P.O.Box:
2545, Addis Ababa, Ethiopia
Web
site Address: http://www.telecom.net/~eic
Contact
Person: Mr.
Yishak Mengistu, Chief Economist
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