Africa Insurance Company

About Africa Insurance Company (AIC)

Africa Insurance Company (AIC) is a privately owned professional Insurance Company established in 1994 in accordance with the Licensing and Supervision of Insurance Business Proclamation No.86/1994, and the Commercial Code of Ethiopia.

The Company is set up with fully paid up capital of 30 million Ethiopian Birr.  The capital is divided into 30,000 ordinary shares, each with a par value of 1000 Ethiopian Birr. The capital base AIC utilizes makes it the strongest private Insurance Company in the Country. Although AIC is a Young Company, its personnel who are implementing the day-to-day activities of the company are highly qualified in their particular job assignments which has enabled it to provide effective service to its clients. The Corporate motto "Committed to Excellence and Quality Service" was adopted immediately on commencing its operation, as a guiding principle in all aspects of AIC’s activities.

VISION

Building a result-oriented, customer-driven and financially strong Insurance Company in Ethiopia.

MISSION

To serve honorably the needs of the society by producing, delivering and maintaining full range of superior quality insurance services at a competitive price.

OBJECTIVIES

• Emerge as a leading insurance company in the Ethiopian Insurance Market by meeting or exceeding clients’ expectations through continuous improvement of customer service and technical excellence.
• Pursue with commitment the professionalism and prosperity of employees.
• Ensure consistent development and profitability through proactive management and efficient allocation of resources.
• Contribute to the well-being of the society at large.

CORE VALUES

Operating in accordance with a set of core values and beliefs including the provision of services with speed, efficiency and accuracy, harmony and co-operation, courtesy and humanity with an all-round professionalism both to its clients and to its employees. These values are the corporate culture under which the Board of Directors, the management and employees of AIC are operating.

AIC’S MAIN GOALS

The Main Goals of AIC are,

• To be engaged in life insurance annuity, pension, permanent health insurance, personal accident insurance, sickness insurance, general insurance business and in the business of reinsurance;
• To invest in real estate business, including mortgage bonds, shares and in any other business conductive to investment, and
• To be engaged in any other activity that may directly or indirectly enhance its business purpose

THE COMPANY'S MANDATE

Africa Insurance Company engages itself in all classes of general insurance.  Its business dealings are tailored to meet the needs of its esteemed clients. Currently, the Company carries out transactions of all types of insurance policies such as Motor, Fire, Marine, Hull and Cargo, Workmen's Compensation, Personal and Group Accident , Money, Fidelity Guarantee, Burglary and House Breaking, Plate Glass, Liability, Domestic Package, Engineering, Computer all risks and others. In August 1998 the Company expanded its service to include Life Assurance in its coverage.  Today, AIC provides insurance covering for Life, Property and Liability Risks. AIC also provides valuable advice to its corporate clients by extending risk, audit and control services. In addition to the above, it also offers advice regarding Industrial Safety and Motor Fleet Management.

Products

Africa Insurance Company engages itself in all classes of general insurance. Its business dealings are tailored to meet the needs of its esteemed clients. Some of the services we give are:

Domestic Package

It has one policy which covers all types of damages against the insured. Example damage on the car, fire and theft for the building, workmen’s compensation, etc...

Fire

This insurance covers destruction of a building with or without its content by fire arising from different cases.

Public Liability

This insurance covers damage of a person which occurs in the insured's premises. Example if a person fails down in the premises.