Establishment of a local reinsurance company in Ethiopia

Ethiopia's central bank announced in early April the creation of a reinsurance company which will reduce the outflow of currency for the benefit of international reinsurers.

Nearly 30% of annual premiums posted by local insurers are dedicated to the payment of services offered by reinsurers. The company, which will be endowed with a capital of 25.76 million USD, will be operating in life and nonlife insurance.