The insurance giant, Ethiopian Insurance Corporation, registers gigantic performance in the just-ended financial year. Claim payment spikes by 327 percent.
The state-owned company disclosed that in the 2021/22 financial year it secured 1.3 billion birr that expanded by 17.1 percent of the preceding year.
In the year the company underwriting result was 1.8 billion birr that increased by 29.1 percent from the performance attained in the 2020/21 financial year.
Its revenue from investment and others sources has also stood at 528.3 million birr with 10.3 percent year on year growth.
The gross written premium for the year has increased by 7.3 percent to reach 6.5 billion birr.
However in the year the claim settlement has been spiked by 327 percent to stand at 5.4 billion birr.
EIC’s CEO Netsanet Lemessa, said that even though the amount of claims paid was significantly increased compared with the preceding year it was still 33.7 percent lower from the projection that the company set for the year