Nib Insurance Company S.C.

Nib Insurance Company (S.C.) was founded on May 2, 2002, by 658 shareholders with a paid-up capital as a sister company to Nib International Bank. Initially, it began operations with four branch offices in Addis Ababa, focusing on general insurance. In September 2007, it expanded to become a composite insurer, adding a life assurance department. Today, Nib Insurance operates through 48 branch offices and 4 contact offices across Ethiopia.

Vision

To be a leading private insurance Company in Ethiopia that guarantees peace of mind to our customers through offering agile insurance solutions by the year 2025

MISSION

To provide quality insurance solutions in Ethiopia that exceed customers’ expectations, and maximize shareholders' wealth by expanding investment, elevating the talent and motivation of our staff, using state of the art technology, with highest ethical standard and concern for the public.

Core Value

Core value of Nib Insurance is

• Integrity
• Excellence
• Empathy
• Commitment
• Cooperative Spirit
• Continuous learning

Nib Insurance offers the following products and services:

1. Non-Life Insurance

• Motor (Private & Commercial) Insurance: Covers private and commercial vehicles against accidents, theft, and third-party liabilities.
• Engineering Insurance: Provides coverage for risks related to construction projects, machinery, and equipment.
• Liability Insurance: Protects businesses and individuals from legal liabilities for injuries or damages caused to others.
• Pecuniary Insurance: Covers financial losses caused by various events, including fraud or theft.
• Group/Personal Accident Insurance (GPA/PA): Offers coverage for accidental injuries, disability, or death for individuals or groups.
• Fire, Lightning Insurance & Allied Perils: Protects property from damage due to fire, lightning, and other related disasters.
• Burglary and Housebreaking Insurance: Provides coverage against losses from theft or vandalism of property.
• Plate Glass Insurance: Covers breakage of plate glass windows or glass structures in commercial or residential properties.
• Marine Cargo: Protects goods in transit against risks like theft, damage, or loss.
• Goods in Transit: Covers the loss or damage of goods being transported by land, sea, or air.
• Consequential Loss Insurance: Provides financial protection against indirect losses resulting from covered events like fire or damage to property.
• Workmen's Compensation (Employee's Liability) Insurance: Covers the medical expenses and compensation for employees injured at work.
• Fidelity Guarantee: Protects businesses against losses caused by employee theft, fraud, or dishonesty.
• Horticulture Insurance: Covers damages to crops, plants, and agricultural businesses from natural and man-made disasters.
• Political Violence and Terrorism Insurance: Provides coverage against damage from political violence, civil unrest, or terrorist attacks.
• "All Risk" Insurance: Offers broad protection for property or assets against any unforeseen risks, except those specifically excluded.

2. Life Insurance

• Group Term Assurance: Provides life coverage to a group of people, usually offered by employers or associations.
• Individual Term Assurance: A life insurance policy covering an individual for a set term, paying a lump sum to beneficiaries upon death.
• Mortgage Protection Insurance (MPI): Pays off the mortgage in the event of the policyholder's death or disability.
• Endowment Assurance (With/Without Profit): A combination of life insurance and savings, providing a lump sum payout after a specified term or upon death.
• Anticipated Endowment Policy (With/Without Profit): Pays out a portion of the endowment benefits before the end of the policy term, in case of specific needs or emergencies.
• Endowment Annuity Policy (With/Without Profit): A policy that provides a fixed income for a set period or until the policyholder's death.
• Educational Endowment Policy (With/Without Profit): Aimed at saving for a child's education, this policy pays out at a set time or upon the policyholder's death.
• Pure Endowment Policy: A life policy that pays out only at the end of the term if the policyholder survives.
• Riders: Additional coverage options that can be attached to a life insurance policy to expand coverage.
• Medical/Health Insurance: Provides coverage for medical expenses incurred due to illness or injury.

3. Travel Health Insurance:

Covers health risks and medical emergencies that may arise while traveling abroad.