Country Dashboards

Population
100 mn
2021
GDP (USD)
US$99 bn
2021
gdp/capita
US$996
2021
Inflation rate
26.8%
2021

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 0.50%
Insurance density: Premium / capita USD 1.62
Local currency ETB
Market Composition
Domestic life insurers 0
Domestic non-life insurers 4
Domestic composite insurers 14
Foreign life insurers 0
Foreign non-life insurers 0
Foreign composite insurers 0
Domestic reinsurers 1
Foreign reinsurers 2
State-owned insurers 1
State-owned reinsurers 1
Insurance intermediaries 61
Reinsurance intermediaries 0
Insurance Regulatory Authority
Institution
National Bank of Ethiopia, Sudan Street, P.O.Box 5550, Addis Ababa, Ethiopia

Regulatory Provisions

Scope of insurance regulation and supervision
Overarching principle in insurance supervision Financial supervision
Requirement for minimum insurance rates No
Cross-border insurance allowed No
Licensing
Bancassurance is allowed No
Allowed ownership structures Stock Companies, Mutuals
Foreign ownership restrictions Yes
Minimum capital requirement Etb 75000000
Minimum paid-up share capital Etb 75000000
Requirement for independent audits Yes
Requirement to appoint actuaries No
Premium rate approval needed No
On-Going Supervision
Solvency referred to as the difference between assets and liabilities Yes
RBC (Risk-based capital) principles applied Yes
Ceded reinsurance is regarded as a permissible asset Yes
Compulsory insurance lines MOTOR TPL
Compulsory reinsurance cessions Yes
Insurance companies in difficulties
Established guarantee or policyholder protection fund No
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