Nyala Insurance plans to establish a reinsurance company

Nyala Insurance (NISCO) is conducting a study designed to assess the conditions for the establishment of a reinsurance company called Nyala Re. The outcome of the survey is due to be submitted to the board of directors.

The National Bank of Ethiopia (NBE) has approved this initiative which will enable the market to retain more premiums, thus achieving foreign currency savings.

The birth of the company remains, nonetheless, suspended until review of the legislation. In the course of the 2010/2011 fiscal year, NISCO has reported a pre-tax profit of 34.2 million ETB (1.9 million USD).