The National Insurance Corporation of Eritrea (NICE) was established through Proclamation No.20/1992 in 1992, shortly after independence, when it inherited the portfolio of operations which were previously part of the Ethiopian Insurance Corporation. It operates out of three locations namely Asmara (Head Office), Massawa and Assab. Moreover, it also markets its products through a network of agents across the entire country. NICE is a composite insurance company, underwriting life and non-life insurance products.
In pursuance of its development policy, the Eritrean Government privatized the National Insurance Corporation of Eritrea by initiating a “public-offer” of its shares in 2004 and 2013 making it possible for Eritrean individuals and institutions to control in the extent of 44% ownership of the Company.

The Corporation is supported by highly renowned reinsurers and balanced reinsurance treaty facility led by Munich Re of Africa followed by Africa Re, Zep Re (PTA Re) and others as well as prominent reinsurance brokers such as Marsh & McLennan China, Arthur Gallagher, AON Plc, Willis Towers Watson, J.B. Boda Co. Ltd, Afro-Asian, Jordan Global, CK Re and many other trustworthy brokers.

NICE, as part of its plan to diversify its risk, has made investments in financial and non-financial business sectors. It manages the New Sudan Insurance Company (South Sudan) with minority shareholding, and has shares in Africa Re and Zep Re. It has also invested in agriculture related industry in Eritrea and it also manages the Eritrean Government Pension Scheme and Martyrs’ Fund.

NICE is committed to adhering to the highest standards of good corporate governance at all levels of its operations. This commitment is rooted in its core values and beliefs. Likewise, it has put in place elaborate governance processes which comply with best practice as set out in various codes of Corporate Governance.