The UNDP has established an Insurance Risk Financing Facility (IRFF) to help communities and businesses in Ethiopia manage shocks.
The National Bank of Ethiopia (NBE), which is the country's central bank, has announced that an independent insurance regulatory agency will be established by June 2025 in what will be a game-changing development.
African Reinsurance Corporation has announced that it would lift partially its unilateral ban on the issuance of new political violence treaty (PVT) insurance cover for capital assets in regions in Ethiopia under a state of emergency.
The National Bank of Ethiopia (NBE) is working towards setting up an independent insurance regulatory body, focusing on promoting the insurance industry, according to Mr Solomon Desta, NBE deputy governor.
Amhara Bank, incorporated in June 2022, and other promoters are working to establish an insurance company in Ethiopia with a paid-up capital of ETB2bn ($37.7m), the largest amount of initial capital for a new insurer in the country.
Only nine of Ethiopia's 18 insurance businesses have paid 15% of the net income they reported in the previous fiscal year to purchase bonds from the Development Bank of Ethiopia (DBE), with the deadline set by the central bank approaching.
Ethiopia's central bank, the National Bank of Ethiopia (NBE), is considering opening up the insurance and microfinance sectors.
The Insurance Supervision Directorate of the National Bank of Ethiopia (NBE) is set to become an independent insurance regulatory body separate from the central bank.
The National Bank of Ethiopia (NBE) has raised the minimum paid-up capital of insurance firms more than five times. The revised capital requirement took effect on 15 September 2022, the first such change since 2013.
The state-owned Ethiopian Insurance Corporation (EIC) has paid out ETB5.4bn ($103m) in claims during the just-ended financial year ended 30 June 2022 (FY2022).