Country Dashboards

91 mn
US$69 bn
Inflation rate

Insurance Premiums

Total Premiums
Insurance market data
Life premium volume (USD) 8 mn
Non-life premium volume (USD) 127 mn
Total premium volume 135 mn
Total premium volume (ETB) 2 bn
Insurance penetration: Premiums in % of GDP 0.45%
Insurance density: Premium / capita USD 1.62
Local currency ETB
Market Composition
Domestic life insurers
Domestic non-life insurers 8
Domestic composite insurers 9
Foreign life insurers
Foreign non-life insurers
Foreign composite insurers
Domestic reinsurers
Foreign reinsurers
State-owned insurers 1
State-owned reinsurers
Insurance intermediaries
Reinsurance intermediaries
Insurance Regulatory Authority
National Bank of Ethiopia P.O.BOX 5550, Addis Ababa, Ethiopia

Regulatory Provisions

Scope of insurance regulation and supervision
Overarching principle in insurance supervision Material supervision
Requirement for minimum insurance rates No
Cross-border insurance allowed No
Bancassurance is allowed No
Allowed ownership structures Stock Companies
Foreign ownership restrictions No
Minimum capital requirement ETB 15mn - ETB 500mn
Minimum paid-up share capital ETB 15mn - ETB 500mn
Requirement for independent audits Yes
Requirement to appoint actuaries Yes
Premium rate approval needed Yes
On-Going Supervision
Solvency referred to as the difference between assets and liabilities Yes
RBC (Risk-based capital) principles applied No
Ceded reinsurance is regarded as a permissible asset Yes
Compulsory insurance lines
Compulsory reinsurance cessions No
Insurance companies in difficulties
Established guarantee or policyholder protection fund No
The Africa Re office that supports this location is: