Get Oromia Insurance Company S.C.'s Insight including Profile, Financial Performance, Annual Reports, Board of Directors, Management teams, Products and Services, Contacts and Addresses and much more.
Oromia Insurance Company S.C. Profile
About Oromia Insurance Company
Establishment and Licensing:
Oromia Insurance Company S.C. (OIC) was established and licensed by the National Bank
of Ethiopia on January 26, 2009, to engage in general insurance business.
Commencement of Operations:
OIC commenced its operations on February 9, 2009, with a paid-up capital of
Birr 26 million and a subscribed capital of Birr 85 million.
Shareholder Base: Founded by
540 shareholders initially, OIC saw an increase in shareholders to 840 by the
end of the 2016/17 fiscal year. Notably, it has 1,600,000 low-income farmers as
shareholders through their cooperative unions, indicating a strong social base.
Financial Capacity: OIC
started with substantial paid-up capital, demonstrating strong financial
capacity compared to others in the insurance industry at its inception.
Product Offerings:
Introduced Microinsurance products (crop & livestock) in 2010 and Life
Insurance operations in 2012, catering to the needs of low-income farmers and
expanding its services.
Strategic Plans: Developed
reliable and continuously improving strategic plans to ensure the realization
of its vision, with the second plan extending until the 2020/21 budget year.
Operational Reach: OIC
operates through 62 full-fledged branch offices and 3 contact offices
nationwide, collaborating with various sales agents, insurance brokers, and
banks.
Mission: Dedicated to
rendering competitive and inclusive insurance services by employing proper
human resources and up-to-date technologies while effectively catering to the
interests of all stakeholders.
Vision: Aims to become a
leading private insurer in Ethiopia by 2030.
Address and Contact Information
Head Office: Ethio-China Friendship
Avenue, Lideya Plaza (Oromia Insurance Headquarters), Addis Ababa, Ethiopia.
Phone: +251 11 557 2121
Fax: +251 11 557 2122
Email: info@oromiainsurance.com
P.O.Box: 10090, Addis Ababa,
Ethiopia.
Board of Directors
- Merem Chibsa – Chairperson
- Tiruneh Mitafa - Vice Chairperson
- Almaz Mideksa - Board Member
- Abraham Ejeta - Board Member
- Simegn Kuma - Board Member
- Solomon Geda - Board Member
- Tamene Tadesse (Eng.) - Board
Member
- Dega Gurmessa - Board Member
- Asegid Regassa - Board Member
- Teshome Tadele – Company Secretary
Executive Management Team
- Tegistu Shiferaw - Chief Executive
Officer
- Tamene Hailemariam - Chief
Operations Officer
- Berhanu Debela - Acting Chief
Resources Officer
- Demie Shiferaw - Director, Internal
Audit
- Deriba Balcha - Director, Risk
Management & Compliance Services
- Daniel Negassa - Director, Strategy
& Change Management
- Alemu Ejigu - Director, Marketing
& Business Development
- Alemayehu Dorsis - Director,
Information Technology
- Olana Mengesha - Acting Director,
Legal Services
Annual Reports
Please visit https://oromiainsurance.com/aboutus/performance.php