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WELCOME TO Global Insurance Co.(S.C)

Global Insurance Company (GIC) was established in 1997 by 23 founding members at an initial paid up capital of 3.75 million Ethiopian Birr in a small office in the old airport area and one contact office in Arada Sub City.

 

The Gross Written Premium of this year exceeded over ten million from the preceding year while net claims incurred stood over eight million. With this effect underwriting result reduce by 2.3 million.

Our net claims incurred during the reporting period is Birr 32.2 million increased by 52.65% compared to the previous year. Net Claims Paid during the period has increased by 27.25% to Birr 30.1million.

The International Monetary Fund (IMF) ranks Ethiopia as among the five fastest growing economies in the world. After a decade of continuous expansion, in 2013/14 the economy grew for its 11th year.

Our services

In addition to the insurance business, the company is given license from the Federal, Addis Ababa, and Oromia Transport Authorities to perform annual road Worthiness inspection service to vehicles. The company is generating significant income by giving the service at its Head Office Compound and in collaboration with Garad PLC at kaliti site.

OUR BOARD OF DIRECTORS

HILMET ABDELLA

BOARD OF DIRECTORS
ADIL IBRAHIM

ADIL IBRAHIM

BOARD OF DIRECTORS

AHMED A.SHERIEF

BOARD OF DIRECTORS

MOHAMMED AHMED

BOARD OF DIRECTORS
View Our Team

THE INSURANCE MARKET

The global economy continued to expand during 2014 at a moderate and uneven pace, as the prolonged recovery process from the global financial crisis was still saddled with unfin­ished post-crisis adjustments. Global recovery was also hampered by some new challenges, including a number of unexpected shocks, such as the heightened geopolitical conflicts in various areas of the world. Growth of world gross product (WGP) is estimated to be 2.6 per cent in 2014 but lower than the projected 2.9 per cent. Subject to a number of uncertainties and downside risks, the global economy is expected to strengthen in the following two years, with WGP projected to grow by 3.1 and 3.3 per cent in 2015 and 2016, respectively. The key assumptions for this forecast among others are: monetary and fiscal policies for major economies, exchange rates for major currencies, international pric­es of oil and other primary commodities.The economy of the United States, after some inconsistent fluctuation in 2014, is expected to improve in 2015 and 2016, with GDP projected to expand by 2.8 and 3.1 per cent respectively, compared with an estimate of 2.3 per cent for 2014.

 

 

 

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