Ethiopian Insurance Corporation to open branch in S. Sudan

September 3, 2009 (ADDIS ABABA) — The state-owned Ethiopian Insurance Corporation (EIC) said that it will soon open its first foreign branch office in the southern Sudanese capital of Juba.

According to the corporation, a group sent to Juba for a feasibility study has returned with full report and pre-opening final preparations are currently being in progress.

If opened, EIC will be the second Ethiopian financial firm to open branch in the region. The Ethiopian commercial bank has already opened branch in juba.

After a discovery of oil in southern Sudan businesses have began booming and the region is attracting a number of foreign firms.

This fiscal year insurance claims to EIC have risen by 31 million Birr to all-time high of 262 million birr. But despite the increased amount of insurance claims filed, it has secured a record high of ETB 637.2 million premiums.

The 33 year old corporation has branch offices across all regional states of Ethiopia. Currently it has 1172 employees.

(ST)