INSURANCE IN. Historical Development, Present Status and Future. Challenges

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1 INSURANCE IN ETHIOPIA Historical Development, Present Status and Future Challenges Hailu Zeleke August 2007

2 TABLE OF CONTENTS PAGE ACKNOWLEDGEMENTS vi ACRONYMS vii INTRODUCTION viif CHARTER 1: RISK - MEANING AND ITS IMPACT 1 Introduction Basic Concepts Economic Impact of Risk Risk Management 19 CHARTER 2: INSURANCE Insurance - Defined How the Insurance System Works Functions and Benefits of Insurance Development of Insurance Early Practices Towards a Modern Insurance Business 36 CHARTER 3: THE EMERGENCE AND DEVELOPMENT OF INSURANCE IN ETHIOPIA UP TO The Emergence of Modern Insurance in Ethiopia The Period of Agents of Foreign Insurance Companies, 1920s s Establishment of the First Domestic Insurance Company The Commercial Code and the Maritme Code of Ethiopia, Insurance 46 Provisions CHARTER 4: THE RISE OF DOMESTIC INSURANCE COMPANIES, the 1960s 49 CHARTER 5: THE FIRST INSURANCE PROCLAMATION Insurance Companies Prior to the Issuance of the First Insurance Proclamation The First Insurance Proclamation, Proclamtion No. 281/ Analysis of Insurance Operations, Gross Premiums and Gross Claims - Overall Non- Life Insurance Life Insurance Investment 68

3 Financial Position Human Resource CHARTER 6: THE INSURANCE INDUSTRY DÜRING THE COMMAND ECONOMY AND TRANSITION TO A MARKET ECONOMY ( ) 6.1. Nationalization of Insurance Companies 6.2. Establishment of the Ethiopian Insurance Corporation 6.3. Organizing the Ethiopian Insurance Corporation 6.4. Financial Performance of the Insurance Sector Düring the Penods of Command Economy and Transition to Market Economy CHARTER 7: THE INSURANCE INDUSTRY DÜRING THE MARKET ECONOMY- Re-emergence of Private Insurance Companies 7.1. Insurance Proclamation No. 86/ Functions of the Supervisory Authority with regard to Insurance Business Conditions to Be Fulfilled to Establish an Insurance Company Branch Opening Shares Licensing and Cancellation of Licenses Statutory Deposit and Legal Reserve Requirements Reserve Accounts (Provisions) Actuarial Investigation and Report Margin of Solvency Insurance Auxiliaries Restriction on Loansand Advances Re-insurance Amalgamation of Insurers 7.2. The Ethiopian Insurance Industry after Proclamation 86/ Structure of the Ethiopian Insurance Industry Insurance Policies Marketed Policies in Force and Insured Value Other Products/Services Provided by Insurance Companies Financial Position of the Insurance Industry Paid up Capital Branches Branch Expansion ii

4 Regional Distribution of Branches Insurance Auxiliaries and Actuary Reinsurance Investment Aspect of the Ethiopian Insurance Industry Workforce Profile of the Insurance Industry Financial Performance of the Insurance Industry (2000/ / Gross Premiums 1^ Underwriting Surplus Net Claims and Net Claims Ratio 1^ Management Expense Ratio and Combined Ratio 1^ Profits Technical Provisions (Reserves) Solvency Status of the Ethiopian Insurance Industry Long-term Insurance Human Resource Development The Ethiopian Institute of Banking and Insurance (EIBI) CHPATER 8: COMPETITION IN THE ETHIOPIAN INSURANCE MARKET Competition and its Benefits Competition in the Ethiopian Insurance Market Developments in the Ethiopian Insurance Sector Competition Prior to Nationalization ( ) Competition in the Ethiopian Insurance Market Düring 2000/ / Barriers to Market Entry Market Shares Preliminary Survey on Competition in the Insurance Market Assessing Market Concentration Competition Variables The Future and Competitiveness of the Ethiopian Insurance Industry 205 in

5 CHARTER 9: REGULATION AND SUPERVISION OF THE INSURANCE INDUSTRY Conceptual Framework Insurance Regulation and Supervision in Ethiopia The Insurance Supervision Department The Monitoring and Supervision Process Intervention by the Supervisory Body Problems Encountered in Insurance Supervision Future Challenges of Insurance Monitoring and Supervision 220 CHARTER 10: PROBLEMS OFTHE ETHIOPIAN INSURANCE INDUSTRY 223 CHARTER 11: PRESENT STATUS AND CHALLENGES OF THE INSURANCE INDUSTRY IN ETHIOPIA Present Status of the Ethiopian Insurance Sector Future Challenges 238 CHARTER 12: INSURANCE ASSOCIATIONS IN ETHIOPIA Association of Ethiopian Insurers Society of Insurance Professionals 242 CHARTER 13: RECAPITULATION 245 REFERENCES 257 ANNEX 265 I. Foreign Insurance Companies Operating Insurance Business in Ethiopia through Agents in II. Foreign Insurance Companies Operating Insurance Business in Ethiopia Prior to the Enactment of the 1970 Insurance Proclamation 267 III. Profile of Insurance Companies in Ethiopia - June 30, IV. Insurance Policies Marketed in the Ethiopian Insurance Industry 269 IV

6 V. Reinsurance - Summary 273 VI. Comparison of the Ethiopian Insurance Industry with Selected African Countries VII. Statistics of Insurance Companies, Reinsurers, and Brokers - Ethiopia Vs African Countries VIII. Share of Motor Insurance in Gross Written Premiums - Ethiopian Insurers Vs Other African Insurance Companies IX. NBE Insurance Directives in Force as of June 30, X. Population, Exchange Rates and GDP - Ethiopia - (1999/ /05) 280 XI. Shareholders of Imperial Insurance Company of Ethiopia - June XII. Minutes of the Ist Annual General Meeting of Shareholders of Imperial Insurance Company of Ethiopia - June XIII. Organizational Structure of the Imperial Insurance Company 283 XIV. Specimen of Stock Certificate of the Imperial Insurance Company 285 XV. Head Office Building of Imperial Insurance Company 287 XVI. One of the Many Advertisements of Imperial Insurance Company 288 XVII.Directory of Ethiopian Insurance Companies and Insurance Associations - June 30, XVIII. Licensed Insurance Brokers - June 30, XIX. Insurance Organizations in Africa 300 GLOSSARY 305 v

HAROLD CAMPING i ii iii iv v vi vii viii ix x xi xii 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52

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