Railway Receives ETB95 million Compensation

Ethiopian Insurance Corporation pays ETB95 million claim for Djibouti-Standard Gauge Railway as a compensation for its trains damaged because of a flooding. This is the second-highest claim paid by the insurance giant since its establishment, next to ETB330 million claims it has paid to Ethiopian Airlines a decade ago. The railway’s two locomotive trains and 12 wagons were damaged eight months ago because of an accident caused by a flooding occurred in Fentale Woreda, State of Oromia. The reinsurance coverage for the claim was covered by three international and a local firm, Ethiopia Reinsurance. Munich Reinsurance covered 50Pct of the claim, while the remaining is covered by African Reinsurance, PTA and Ethio-Re. In the past fiscal year, EIC written a premium of ETB3.3 billion from both general and life insurance lines of businesses with a market share of 38Pct.