“IT’S OUR DAM” Special Edition @ABN
In Ethiopia, modern institutionalized financial services such as insurance and banks have been playing significant rolesin addressing societal problems. They are socially responsible institutions. indeed. For ages Ethiopians had been receiving financial services through informal means, known locally as,”iqqubs”, “iddirs” and “mahbers”.
Ethiopian insurance in its modern form first began in 1905 when the then Bank of Abyssinia which was owned by the Bank of Egypt began to transact insurance as an agent of a foreign insurance company which would underwrite fire and marine insurance policies in Ethiopia.
Established on the 1st January 1976, the Ethiopian Insurance Corporation renders more than 15 types of policies in the life Insurance Sector. Life insurance policies can be bought individually and in-group, which enable the insured to get various benefits. The benefit gained from these insurance policies depends on the choice of the customers.
The different types of life insurance policies the corporation provides are:
Endowment(Ordinary endowment, Anticipated Endowment Policy with profit, children%u2019s Education policy with profit, Annuity etc.)
(Individual Term life Assurance, Group and Modified Large groups Term Life Assurance, Individual and Group Mortgage Protection Assurance etc)
Whole Life Assurance and Medical Assurance (Individual medical Assurance, Group Medical Assurance, and Executive Medical Assurance & Travel Health Assurance) are among the major ones. The Corporation also prepares and provides policies, which go along with the social and economic standard of the society. In this aspect, the pre-funeral expense insurance can be cited as a good example.
Envisaging to be a world class insurer by the year, 2025,the Ethiopian Insurance Corporation provides more than 30 types of non-life Insurance policies. Non-life insurance policies are used to cover property and liability risks. The Corporation revises its policies regularly and produces new policies based on the country’s current economic development and the demand of customers.
For instance, currently it has prepared new insurance policies like Floriculture, Condominium, Tea and coffee, Weather Indexed Crop Insurance, Warehouse Operators Liability Insurance. The major property and liability insurance services given by the Corporation are all risks, Aviation (Cargo and Hull), Bankers Blanket Policy, Burglary and House Breaking, Bonds, Condominium, Consequential loss, Crop Insurance, Engineering, Fidelity Guarantee, Fire and Lightning, Goods in transit, Inland Carriers liability, livestock, Marine (Cargo and Hull); money, motor, personal/Group Personal accident, Plate glass, Product Liability, Professional Indemnity, Public Liability, Workmen’s Compensation and the like.
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The participation of the Ethiopian Insurance Corporation /EIC/ in the construction of the Grand Ethiopian Renaissance Dam /GERD/ can be viewed as a unique support for it provides all-risk insurance coverage such as earthquake flooding , volcano and related disasters for workers of the Dam.
The Corporation has facilitated and rendered a 56 billion birr insurance coverage for the civil works of the Renaissance Dam being undertaken by the Italian based Salini ConstructionCompany. Moreover,after the revision of the electromechanical works of the Dam, EIC has managed to render insurance coverage for Chinese Companies that are undertaking the specific task.
As a company we have first bought a-50-million birr bond in two rounds, but we have learnt that was insufficient and bought again a-150-million birr bond while our employees have individually bought in three rounds for their monthly salary.
With regards to coordinating global coverage, the Corporation has close relations with a reliable insurance broker company known as RIB which helps us deal with international insurers.
Despite delays in the construction process some three years ago, currently magnificent progressis being witnessed in every aspect of the construction, and the general public, more than ever, becomes aware of the right measures taken by the
“I sometimes pay visits to my birthplace where Dedessa River, one of Nile’s tributaries crosses the surrounding. I really used to feel angry and annoyed whenever I saw the River washing the fertile soil around, running, and flowing into Abay”
Government to resume the construction with quality and standards set so far. This has strongly raised the people’s concern and interest in the Dam and brought back their trust in the Government.
When I have travelled abroad for business purpose I used to meet foreigners who are ignorant of the River Abay aka Blue Nile. These uninformed foreign nationals usually raised questions like: “Why does Ethiopia try to harm Egypt by building dam over the Nile?” Many of them don’t know the fact that the Blue Nile stems from the highlands of Ethiopia; that Ethiopia contributes over 85 % of the water of the River.
Interestingly enough, I was not bored to explain clearly the truth about the River and the construction of the Dam as many people as I could. I think, although there is a long way to go, that kind of wrong perception by foreign nationals has changed a bit.
I was born at a village around nearby Nekemt in Wollega, Oromia Regional State.I sometimes pay visits to my birth place where Dedessa River, one of Nile’s tributaries crosses the surrounding. I really used to feelangry and annoyed whenever I saw the River washing the fertile soil around,running, and flowing into Abay, then leaving the country to join the Blue Nile that feeds Sudan and Egypt, and ends in Mediterranean Sea.
But nowadays I am extremely happy as it is going to compensate what it had wasted. I am proud of being a man from part of this River where we are building one of the world’s largest hydroelectric dam by our own financial and human resources. GERD is an icon for Ethiopian unity. Everyone can draw lesson that if we stand in unison we could do anything we want; for me the Renaissance Dam is our source of pride and unity.
As COVID-19 appears to be a blessing in disguise especially in strengthening our unity in supporting the needy and victims of the pandemic, the diplomatic pressure on our GERD also brings all Ethiopians together to stand alert, defend our national sovereignty and interest. No doubt that we will complete the Dam and ultimately see its light.