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.8/1994, 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 Services” has been adapted immediately on commencing its operation, as a guiding principle in all aspects of AIC’s activities.

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To provide reliable and quality general and long term insurance products and services in the best interests of our existing and potential customers at a competitive price. These will be attained by deploying highly competent and motivated employees, modern technology and ensuring long term and sustainable growth of profit, productivity and maximizing the overall wealth of its shareholders.

OBJECTIVES
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.

Operating in accordance with a set of core values and beliefs including the provision of services with speed, efficiency and assurance, harmony and co-operating, courtesy and humanity with an all-around 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.

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 Polies 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 Risk 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 Risk. 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.