About Oromia Insurance Company
Establishment and Licensing: Oromia Insurance Company S.C. (OIC) was established and licensed by the National Bank of Ethiopia on January 26, 2009, to engage in general insurance business.
Commencement of Operations: OIC commenced its operations on February 9, 2009, with a paid-up capital of Birr 26 million and a subscribed capital of Birr 85 million.
Shareholder Base: Founded by 540 shareholders initially, OIC saw an increase in shareholders to 840 by the end of the 2016/17 fiscal year. Notably, it has 1,600,000 low-income farmers as shareholders through their cooperative unions, indicating a strong social base.
Financial Capacity: OIC started with substantial paid-up capital, demonstrating strong financial capacity compared to others in the insurance industry at its inception.
Product Offerings: Introduced Microinsurance products (crop & livestock) in 2010 and Life Insurance operations in 2012, catering to the needs of low-income farmers and expanding its services.
Strategic Plans: Developed reliable and continuously improving strategic plans to ensure the realization of its vision, with the second plan extending until the 2020/21 budget year.
Operational Reach: OIC operates through 62 full-fledged branch offices and 3 contact offices nationwide, collaborating with various sales agents, insurance brokers, and banks.
Mission: Dedicated to rendering competitive and inclusive insurance services by employing proper human resources and up-to-date technologies while effectively catering to the interests of all stakeholders.
Vision: Aims to become a leading private insurer in Ethiopia by 2030.
Address and Contact Information
Head Office: Ethio-China Friendship Avenue, Lideya Plaza (Oromia Insurance Headquarters), Addis Ababa, Ethiopia.
Phone: +251 11 557 2121
Fax: +251 11 557 2122
Email: info@oromiainsurance.com
P.O.Box: 10090, Addis Ababa, Ethiopia.
Board of Directors
- Merem Chibsa – Chairperson
- Tiruneh Mitafa – Vice Chairperson
- Almaz Mideksa – Board Member
- Abraham Ejeta – Board Member
- Simegn Kuma – Board Member
- Solomon Geda – Board Member
- Tamene Tadesse (Eng.) – Board Member
- Dega Gurmessa – Board Member
- Asegid Regassa – Board Member
- Teshome Tadele – Company Secretary
Executive Management Team
- Tegistu Shiferaw – Chief Executive Officer
- Tamene Hailemariam – Chief Operations Officer
- Berhanu Debela – Acting Chief Resources Officer
- Demie Shiferaw – Director, Internal Audit
- Deriba Balcha – Director, Risk Management & Compliance Services
- Daniel Negassa – Director, Strategy & Change Management
- Alemu Ejigu – Director, Marketing & Business Development
- Alemayehu Dorsis – Director, Information Technology
- Olana Mengesha – Acting Director, Legal Services
Annual Reports
Please visit https://oromiainsurance.com/aboutus/performance.php
