Abay Insurance S.C. was established in July 2010 in accordance with the licensing and supervision of insurance business proclamation No. 86/1994.The prevailing paid up capital of the company is Birr 100 million which would be increased to Birr 150 million shortly. Currently, the company is providing General and Long Term (Life Assurance) service under 25 branch offices that operate in different regions of the country.The number of branches will be periodically increased to reach to 35 by 2019/20. The company has registered a remarkable growth since establishment and has managed to build a sustainable and fruitful business relationship with various types of clients having a multitude of activities. The company has a strong financial base and has created a meaningful network with global partners including prominent reinsurers that would easily manage risks of any quantum.

Vision

  • To be the most preferred and iconic Insurance company in Africa

Mission

  • To provide diversified Insurance services tailored to meet the ever changing risk exposure facing the public by using ethical professionals and technology enablers in an innovative and cost effective ways.

 

The values of Abay Insurance S.C. are:-

  • Customers are the reason for our existence.
  • Team work, Loyalty and diversity are inevitable for our remarkable success.
  • Continuous learning and improvement are our philosophy.
  • Research and Development, innovation and critics are valuable for our vision achievement.
  • Quality and ethical professionalism are part of our day to day activities.
  • Social responsibility, transparency, and accountability are the basis for our sustainable growth
  • Integrity and transparency are the basis for our achievement.
  • Employees are our non-replaceable strategic resources.

 

Abay Insurance S.C. is organized in a manner that would facilitate a superb service to its esteemed customers. Next to the Board of directors, the upper internal structure goes to the Chief Executive Officer under which functional and support departments and services are situated.

The company has a team of highly experienced and competent board members which always strive towards persistent growth and ultimate customer satisfaction. The following are the prevailing directors.  

  • Mitiku Beyene, Board Chairman
  • Dessalegn Wedaje, Director
  • Gashaw Workneh, Director
  • Hassen Yesuf, Director
  • Yehuala Gessesse, Director
  • Alemayehu Wassie (PhD), Director
  • Aragaw Addis, Director
  • Agmas Chekol, Director
  • Sitotaw Abay , Director

 

Abay Insurance S.C. strongly believes that a competent and well equipped management is the necessary input to excel in service. To this regard, all management team members have been passed through serious of formal and informal trainings which aimed at capacity building which can make theme capable to handle sophisticated and challenging atmosphere. The officials are highly experienced in various aspects besides the potent knowledge in insurance industry.

Since establishment, Abay Insurance S.C. has been working in line with the corresponding laws and regulations of the nation. The company strives to be in line with the applicable laws and in addition it gives a due emphasis to its corporate social responsibility.


There are no such pending legal issues to date that are worth mentioning. The majority of legal cases we have had to date revolve around the exercise of the right of subrogation .i.e., where third parties are liable for the risks that are covered by the company. Nevertheless, the company has set aside an ample amount of legal reserves for any unforeseen circumstance which may be raised.The company follows a very strong and coordinated financial and risk management system and have been getting a reasonable reward from investment.