Ethiopian Insurance Corporation (EIC)

Ethiopian Insurance Corporation (EIC) was established in 1976 by Proclamation No. 68/1975, following the nationalization of 13 private insurance companies. Initially operating with a paid-up capital of Birr 11 million (USD 1.29 million), EIC aimed to provide insurance services to the broader population and promote efficient resource utilization. After the fall of the Marxist regime in 1991, EIC transitioned to a public enterprise in 1994 under Proclamation No. 201/94, with a new capital base of Birr 61 million (USD 7.13 million), and expanded its objectives to include engaging in various insurance-related activities.

Vision

To be a world-class insurer

MISSION

Our mission is to become a world-class insurer in providing customer centric innovative insurance solutions by leveraging talented human capital and advanced technology, while ensuring sustainable growth, maximizing stakeholders’ values, and meeting our Environmental, Social, and Governance commitments.

Core Value

Core value is

• Customer-Centricity
• Respect
• Teamwork
• Employee Development
• Socially Responsible
• Integrity
• Innovation
• Performance Driven

Awash Insurance offers the following products and services:

• General Insurance
• Motor & Property
• Marine & Aviation
• Engineering
• Agriculture
• Liability
• Long Term Insurance
• Life Insurance
• Health (Medical Expense) Insurance
• World Wide Travel Insurance

1. General Insurance

Motor & Property Insurance

• Motor-Commercial Vehicle: Coverage for loss or damage to commercial vehicles.
• Motor-Private Vehicle: Coverage for loss or damage to private cars.
• Condominium Insurance: Protection against losses for condominium units.
• Plate Glass Insurance: Covers damage to fixed glass and mirrors.
• Burglary & House Breaking: Coverage for damage/loss caused by burglary or housebreaking.
• Fire and Allied Perils: Protection against damage from fire, lightning, and related events.
• Householders Comprehensive: All-risk coverage for home contents and personal valuables.

Marine & Aviation Insurance

• Marine (Cargo & Hull): Coverage for cargo, vessels, and ships during transport.
• Aviation (Cargo & Hull): Coverage for cargo, passengers, and aircrafts.
• Goods-in-Transit: Covers loss/damage to goods during transit.

Engineering Insurance

• Contractors All Risk: Coverage for construction projects.
• Contractors Plant & Machinery: Covers loss/damage to plant and machinery.
• Boiler Insurance: Protection against breakdowns of boilers and manufacturing equipment.
• Deterioration of Stock: Coverage for goods in cold storage affected by refrigeration breakdown.
• Erection All Risks: Coverage for machine erection and related civil works.
• Electronic Equipment Insurance: Protection for electronic equipment.
• Machinery Breakdown: Coverage for damage to plant and machinery.
• Machinery Loss of Profit: Covers loss of profit due to machinery breakdown.

Liability Insurance

• Product Liability: Coverage for accidental bodily injury or property damage caused by products.
• Inland Carriers Liability: Coverage for loss/damage to goods during inland transit in Ethiopia.
• Workmen’s Compensation: Protection against liability for employee injuries or death.
• Professional Indemnity: Coverage for professionals against errors and omissions.
• Warehouse Operators Liability: Coverage for warehouse operators storing others’ property.

Agricultural Insurance

• Crop Insurance: Coverage for loss of crops due to disasters or price declines.
• Livestock Insurance: Protection for animals against accidents or unexpected events.
• Weather Indexed Crop Insurance: Insurance based on weather indices (e.g., rainfall).
• Horticulture Plantation Insurance: Coverage for loss or damage to trees and fruits.

2. Long-Term Insurance

Life Insurance:

Provides financial security for loved ones in case of death, disability, or critical illness.

• Term Life Insurance: Coverage for a set period with a death benefit if the insured passes away during the term.
• Endowment Life Insurance: Combines life coverage with a savings element for a lump sum payout after a specified period.
• Pre-Need Funeral Insurance: Covers funeral expenses in advance.
• Mortgage Protection Assurance: Pays off the remaining mortgage balance in the event of death or permanent disability.

Health (Medical Expense) Insurance:

Covers medical expenses for illness or accidental injury.

• Provides access to over 15 hospitals and pharmacies for direct medical claim settlements.
• Reimbursement for medical expenses outside the network, paid to your bank account.
• Cash payments upon presentation of medical bills at offices.

Worldwide Travel Insurance:

Covers sudden illness, accidents, and losses when traveling outside Ethiopia.

• Benefits: Includes coverage for death, personal accident, emergency medical expenses, lost baggage, personal liability, hijack, emergency return, travel delay, and more.

Riders (Supplementary Contracts):

Additional coverages added to a life insurance policy to extend protection.

• Comprehensive Accident Insurance (CAI): Covers accidental death, disability, and loss of time due to accidents.
• Waiver of Premium (WP): Waives premium payments if the insured becomes disabled and unable to continue payments.
• Terminal/Critical Illness (TI): Coverage for terminal illnesses or specified diseases like cancer, stroke, and organ failure.