A first of its kind for Ethiopian insurance firms, Ethio Re received AA for financial strength on a national rating scale and a B- on international rating scale. A South African based rating agency, GCR Ratings, released its evaluation report on Ethiopian Re-insurance S.C’s soundness on December 9, 2021.
Three state owned financial institutions under the supervision of the Public Enterprises Holding and Administration Agency (PEHAA) have bagged a combined 3.8 billion birr profit before tax in the first quarter of the fiscal year, the agency said.
The House of People’s Representatives (HPR) has amended two separate proclamations to allow foreign nationals of Ethiopian origin to engage in local insurance and microfinance businesses.
A local consulting company, HST Consulting Plc, has won a bid to develop a Human Resource Strategy document for the Ethiopian Reinsurance Company S.C. for around 2.1 million birr.
Insurance companies filed a complaint against the latest crackdown by Ethiopian Revenues & Customs Authority’s (ERCA), claiming unpaid custom bonds and guarantees provided to clients for the payment of import duties and taxes, saying that it is creating problems on their day-to-day operations.
12Page 1 of 2