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All you need to know about life insurance

Why is life insurance less developed in Ethiopia?

Acquiring a life insurance means purchasing a peace of mind knowing that your family’s financial future is secured, by taking care of them when you may not be able to. Regardless of its prospective benefits, insurance business in general and life insurance specifically are not developed in Ethiopia. Observing the track record of insurers in Ethiopia, the life insurance business has been avoided from their business portfolio and weak headedly annexed to general insurance businesses.

Why is life insurance less developed in Ethiopia? In the eyes of insurers, the Ethiopian market with its predominantly youthful population presents profitable and diverse business opportunities. Akin to all sectors, life insurance needs to be linked with Ethiopia’s development plan, although, the growing middle-class is rising, the particulars that make up life insurance market in the country are not very well known to the majority.

The significance of life insurance in developed countries has been renowned much earlier. Tragedies are thereby decreased, or perhaps, mended. Besides the benefit it grants the insured and beneficiaries, the occurrence of certain events as sudden death, critical conditions and terminal illness could be financially taken care of depending on the contract. Insurance is considered as reluctant market, in Ethiopia, its assumed buying life insurance is a form of luxury, but keeping its benefits in mind, everyone should consider purchasing life insurance as a necessity.

But despite what is mentioned above there are several insurance companies in Ethiopia. Just to mention the best known ones Ethiopian Health Insurance Agency, Insurance Fund Administration Agency, Global Insurance Company, Addis Insurance Brokers, Global Insurance Company, Abay Insurance S.C. and Lion Insurance Company (S.C) are on the top of the list. And if you are new to Addis and you are looking for insurance companies we advise you to visit one of this firms to get the best service you seek.   

Visit www.yp.et  for more information on the untapped life insurance market in Ethiopia.