Ethiopian Reinsurance: First year’s results

During its first year of operation, Ethiopian Reinsurance sustained a 61 million ETB (2.24 million USD) loss. The national reinsurer which kicked off its operations in late August 2016 is, nonetheless, benefiting from a 5% legal cession disbursed by local insurers, a contribution poised to continue for the first three years of operation. The company will already have received 332 million ETB (12.2 million USD) during the year under study.

Hailemichael Kumsa, board chairman of Ethiopian Re justifies this result by a policy of reserves enforcement. The latter reached 198 million ETB (7.28 million USD) by the end of last year.

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