Ethiopia Insurance Market Size by Segment (Life, General and Reinsurance), Trends, Competitive Landscape and Forecast, 2021-2025
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The gross written premium of the Ethiopian insurance industry was $179.1 million in 2021. The market is expected to achieve a CAGR of more than 15% during the forecast period. The Ethiopia Insurance Industry research report provides in-depth market analysis, information, insights, and a detailed outlook by product category of the industry. It provides values for key performance indicators such as gross written premium, penetration, premium accepted and ceded, profitability ratios, and premium by line of business, during the review period and forecast period.
The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Ethiopian economy and demographics, and provides detailed information on the competitive landscape in the country.
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Key Ethiopia Insurance Industry Trends
The Ministry of Health proposed the expansion of health insurance and social insurance to increase access to healthcare services and strengthen the local funding with the implementation of various related initiatives. The Ministry encouraged actions by the Government and other stakeholders and proposed to ensure universal health insurance coverage.
The Government of Ethiopia signed an agreement with the Ethiopian Insurance Corporation to introduce a life insurance policy for employees of the health sector. The agreement stipulates providing life insurance for health professionals in direct contact with COVID-19 infected patients. The objective of the agreement is to support the health sector over the COVID-19 pandemic.
Key Ethiopia General Insurance Segments
The key segments of the Ethiopian general insurance industry are commercial insurance and retail insurance. Retail general insurance was the leading segment IN 2020.
Commercial General Insurance
Commercial general insurance includes property insurance, liability insurance, MAT, miscellaneous, and general insurance non-categorized.
Retail General Insurance
Retail general insurance includes motor insurance and personal accident and health insurance. Motor insurance was the largest sub-segment in the general insurance industry, followed by property insurance.
Ethiopia General Insurance Industry Analysis, by Segments
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Key Ethiopia Insurance Industry Companies
Some of the key insurance companies in the Ethiopian insurance industry are Awash Insurance Company, The United Insurance Company, Nyala Insurance Company S.C, Oromia Insurance Company S.C, Nile Insurance Company SC, Bunna Insurance SC, Berhan Insurance SC, and Global Insurance Company SC.
Ethiopia Insurance Industry, by Companies
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Market Report Overview
Market Size (2021) | $179.1 million (GWP) |
CAGR | >15% |
Key Segments (General Insurance) | Commercial Insurance and Retail Insurance |
Key Companies | Awash Insurance Company, The United Insurance Company, Nyala Insurance Company S.C, Oromia Insurance Company S.C, Nile Insurance Company SC, Bunna Insurance SC, Berhan Insurance SC, and Global Insurance Company SC |
Scope
This report provides:
- Comprehensive analysis of the Ethiopian insurance industry.
- Historical values for the Ethiopian insurance industry for the report’s review period and projected figures for the forecast period.
- A detailed analysis of the key categories in the Ethiopian insurance industry, and market forecasts to 2025.
- Profiles of the top life insurance companies in Ethiopia and outlines the key regulations affecting them.
Reasons to Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Ethiopian insurance industry, and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Ethiopian insurance industry.
- Assess the competitive dynamics in the Ethiopian insurance industry.
- Identify growth opportunities and market dynamics in key product categories.
The United Insurance Company
Nyala Insurance Company S.C
Oromia Insurance Company S.C
Nile Insurance Company SC
Bunna Insurance SC
Berhan Insurance SC
Global Insurance Company SC
Table of Contents
Frequently asked questions
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What was the Ethiopia insurance industry gross written premium in 2021?
The gross written premium of Ethiopia insurance industry was $179.1 million in 2021.
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What is the Ethiopia insurance industry growth rate?
The Ethiopia insurance industry is expected to achieve a CAGR of more than 15% during the forecast period.
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What are the key segments of the general insurance industry of Ethiopia?
The key segments of the Ethiopian general insurance industry are commercial insurance and retail insurance.
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What are the key companies in the insurance industry of Ethiopia?
Some of the key insurance companies in the Ethiopian insurance industry are Awash Insurance Company, The United Insurance Company, Nyala Insurance Company S.C, Oromia Insurance Company S.C, Nile Insurance Company SC, Bunna Insurance SC, Berhan Insurance SC, and Global Insurance Company SC.
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