Ethiopia's recently unveiled draft "Insurance Proclamation" mandates the establishment of the Ethiopian Insurance Regulatory Authority (EIRA). The new regulator will take over from the National Bank of Ethiopia (NBE), which has regulated the insurance industry since 1976.
Ethiopia's insurance industry faces growing pressure from digital newcomers as traditional insurers struggle with digitalisation, outdated processes and weak customer experience, according to a new study.
The National Bank of Ethiopia, the central bank, has published a draft Insurance Proclamation, that would re-open the domestic insurance market to foreign insurers.
The central bank, National Bank of Ethiopia (NBE), has released two directives, one on the licensing and supervision of microinsurance agents and the other on the licensing of insurance broker.
The National Bank of Ethiopia (NBE), which is the central bank, has issued a new regulation governing the appointment and conduct of external auditors for insurance companies and the responsibilities of the insurers' directors related to external audits. The directive took effect from 26 March 2026.
Ethiopian Reinsurance (Ethio-Re), the first reinsurance company in Ethiopia, has increased its profit before tax by 45.3% to ETB616.7m ($3.98m) on the back of reinsurance revenue growth, for the financial year ended 30 June 2025 (FY2025).
Ethiopia's insurance sector is grappling with dual challenges on the regulatory and industry fronts, the President of the East African Insurance Organisation and chief executive of Nyala Insurance, Yared Molla, has said.
Investment income is expected to remain the primary contributor toward overall earnings for Ethiopian Reinsurance (Ethio Re), says AM Best. This reflects Ethio Re's low net underwriting leverage and the favourable interest rates offered by domestic issuers in the country.
The African Trade & Investment Development Insurance (ATIDI) has issued a 10-year Political Risk Insurance (PRI) policy to Sumitomo Corporation, a key Japanese partner in a consortium that invests in Safaricom Telecommunications Ethiopia (STE).
Amana Insurance is set to launch soon, marking a historic milestone in Ethiopia's financial sector as the country's first takaful company.