Magazine date:
Nov 2014 Oromia Insurance Company (OIC) has proceeded to an almost 100%-increase of its capital, from 42 million ETB (2.06 million USD) to 83.3 million ETB (4.1 million USD).
The Ethiopian insurer thus complying with the Directive of May 2013 published by the National Bank of Ethiopia (NBE) about the raising of the minimum level of insurance companies' capital.
The NBE had set the new capital to 60 million ETB (2.9 million USD) for non-life insurers, against 4 million ETB (197 000 USD) previously, with a deadline for compliance at 31st December 2015.
As a reminder, gross written premiums of Oromia Insurance represented 255.2 million ETB (13.2 million USD) in 2013, an increase of 32% compared to the previous year.