Ethiopian Reinsurance S.C. Pledges to Revolutionize the Nation’s Reinsurance Industry

Addis Ababa, December 31, 2024 (FMC) – Ethiopian Reinsurance S.C. (Ethio-Re) convened its 9th Annual General Meeting of Stakeholders, in attendance of representatives from various member banks and insurance firms.

During the meeting, it was highlighted that Ethio-Re boasts 127 shareholders, which include 7 banks, 17 insurance companies, and individual stakeholders.

Mrs. Meseret Bezabih, Chairwoman of the Board of Directors, presented a report on the company’s performance for the last fiscal year, noting a reinsurance revenue of 2.2 billion birr for the 2023/2024 fiscal year—reflecting a 29% increase from the prior year. She also reported reinsurance service expenses of 2 billion birr within the same period, along with investment revenue totaling 317.7 million birr.

In her remarks, Meseret announced the launch of new reinsurance and accounting software named Go-Live, aimed at enhancing the company’s services and driving transformation in the national reinsurance sector. Additionally, she emphasized Ethio-Re’s commitment to capacity-building initiatives, which included training for disaster preparedness and response in Ethiopia’s insurance sector.

The company has also participated in significant national efforts, including initiatives for school feeding, indigenous tree planting, supply of educational aids, and rehabilitation programs for the elderly. Ethio-Re is actively collaborating with regional, continental, and international organizations to further promote growth within the industry at the national level, it was stated during the meeting.