Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools clients' risks to make payments more affordable for the insured.

Insurance brings many benefits to policyholders and to society as a whole

  1. It releases capital within companies that can be used in the business.
  2. Enterprises are encouraged to start or expand.
  3. Employees are kept in work.
  4. Losses are reduced in size and number.
  5. The nation benefits from the investments made by insurers.
  6. The nation benefits from so-called invisible exports.

Insurance policy is a contract between the insurer and the insured, known as the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language.

The insurance deductible is the amount of money you will pay in an insurance claim before the insurance coverage kicks in and the company starts paying you. Insurance excess is the amount you will be required to pay when you make a claim on your policy.

An Insurance premium is the payment or instalment you agree to pay a company in order to have insurance.

A policyholder is the person who owns the insurance policy.

An Insurer is a company who sells the insurance policies. An Insured is a person who is the buyer of the insurance policy.

Third-party insurance is an insurance policy purchased for protection against the claims of another.

Comprehensive insurance(Own Damage) is a customized motor insurance policy designed to protect you and your insured vehicle from your own damages i.e damages and losses caused to your own vehicle.

It is the process of assessing a risk proposed to decide the premium rate and the terms applicable.

An insurance claim is a formal request by a policyholder to an insurance company for coverage or compensation for a covered loss or policy event.

The sum assured is the amount payable on the occurrence of an event insured against under a benefit policy, such as the death of the insured.

A proposal form is the form completed by the policyholder when applying for insurance.

Insurance Premiums / Claims

Different modes of payment are available. You can either pay in cash/cheque or bank transfer.

Please inform the policy issuing office immediately in writing for registering a claim. An immediate report to the police is also mandatory in case of collision, where vehicle is stolen or when third party injury/death/property damage is involved. Delay in informing the Company and the police [wherever required] will prejudice your claim and the Company may deny the liability. Please read the conditions in the policy in this regard.

The documentation formalities required for processing and settlement of the claim will depend upon the nature of accident/loss, proximity and communication. Claim document formalities documents include, among others, a police traffic report, photos of accident and, where applicable, death certificate and legal heirs document from the court.

Life Insurance

Benefits Covered for Group Life Term Assurance includes:

  1. Death benefit
  2. Accidental death benefit (Double Indemnity)
  3. Total and permanent disability as a lump sum
  4. Funeral expense
  5. Critical Illness cover as an accelerator to Group Life Term Assurance.

  • Children's Policy
  • Endowment
  • Group Life Term Assurance
  • Money Back Policy
  • Term Life Assurance

There will be no medical examinations on group members

You only buy for a limited number of years (Eg. 1,5,10,...years). You purchse it for the rest of your life. You purchase it for an agreed period of time say 10, 20, 30,...yeras to offer death as well as maturity benefit.
Cheaper More Expensive Much more Expensive
Cannot cash it out You can cash it out(and get some money back) Investment and death benefit - you can cash it out


The Annual General Meeting is always conducted on Saturday of the first week of the month of June starting from 7:30 am – 1:00 pm EAT at Asmara Palace. Therefore, the General Meeting will foreseeably be held on 6th June 2020 at the indicated time, unless Shareholders are otherwise notified through the News Paper or the Company website (

Shareholders holding any number of shares registered in their name or any entity may participant in the AGM.

Any Shareholder may be represented by a proxy holder at the General Meeting of the Shareholders, whether or not a Shareholder.
Proxies may be granted pursuant to the provisions of Articles of Association (article 8(2)(a)) and any shareholder may assign a proxy through the Proxy Form made available by the Company or downloaded from the Company website (

Shareholders attending the AGM shall have one vote per each share they hold or represent.

Shareholders can contact the Company by calling +291-1-123000 between 8:00 a.m. and 6:00 p.m. EAT from Monday to Friday as well as from 8:00 a.m. – 12:30 p.m. EAT on Saturday, alternatively send us an e-mail to: (

The quorum for annual general meeting shall be constituted of the Shareholders and/or their duly appointed proxies representing in aggregate more than one-quarter of the voting shares. All resolutions at a shareholders meeting shall be passed by the affirmative vote of a simple majority of the total number of shareholders present in person or by proxy as provided for in Article 421(3) of the Transitional Commercial Code.

It is available to Shareholders for collection at the Company’s head office from the date notified through the News Paper or the Company website (