• Issayas Tesfamariam

Facts about NICE (National Insurance Corporation of Eritrea) Share Co.

Updated: Jun 29, 2019



Some interesting facts about NICE:

* Established in April 1992 under proclamation to establish the National Insurance Corporation of Eritera.

* privatized in 2004 and public offer of shares was made by the Government of Eritrea to Eritrean nationals, Eritrean institutions and Eritrean companies.


*As of date, there are over two-thousand shareholders.

* Fifty-six percent (56%) of the Co. shares belong to Eritrea's Ministry of Finance.

* Forty-four percent (44%) of the Co. shares belong to Eritrean individuals and institutions within Eritrea.

* shareholders have been earning an average of eight percent (8%) of their investment


*has international markets connection and penetration with various reinsurers, such as Munich Reinsurance of South Africa (the biggest single reinsurance company in the world, which underwrites about sixty (60) billion USD/year).

* has investements as shareholders in Lagos based, Africa Reinsurance Corporation; in Nairobi based, PTA Reinsurance Company, and Juba based, New Sudan Reinsurance Company.

*plays big role as board member in both Africa Reinsurance Company, and PTA Reinsurance Company.

* Eritrea has established an international exam center for the Chartered Insurance Institute (CII) of London.

* trains its staff to sit at the exams provided by CII twice a year.

* introduced life and agriculture insurance.

* plans to introduce medical insurance, pension insurance and increase its life insurance policies.

*has invested and has substantial share in Shemshemiya Commerical Farm (Gash Barka).

* has invested in Shishay Animal Feed Plant (Adi Segdo/Asmara).

*manages the Pension Fund and Martyrs' Fund for the Government of Eritrea.

* is one of the top four (4) insurance companies (out of fifty-five/55) in South Sudan.

* as a shareholder and manager of New Sudan Insurance Company of South Sudan, it has achived impressive results in the first five months of 2019.

* has great business opportunities in the near future with the expected movements of goods and services in the port cities of Assab, and Massawa.


For further information, check out NICE's website @

http://niceritrea.com/

For the 2018 NICE Report, check the pdf here

Source credit: Shabait.com


84 views

© 2020 kemey.net

  • Facebook Social Icon
  • Twitter Social Icon
  • Google+ Social Icon