By Daniel Tiruneh

As Ethiopia advances in economic growth and development, the importance of risk management and financial protection continues to increase. In this context, Ethiopian Insurance Corporation (EIC) stands as a pillar of stability, resilience, and innovation, celebrating its 50th anniversary a significant milestone reflecting half a century of dedication to safeguarding the nation and its citizens.

Founded with the mission to protect individuals, businesses, and vital national assets, EIC has grown into Ethiopia’s premier insurance institution, setting standards in operational excellence, customer trust, and strategic foresight. Under the leadership of Abel Tadesse, EIC strengthens its legacy while pursuing a forward-looking vision: to be a trusted and innovative insurer at the forefront of Ethiopia’s transformation and a leader in Africa’s insurance sector.

In this exclusive interview with Abyssinia Business Network Magazine, Abel Tadesse shares insights into EIC’s approach to modern economic challenges while celebrating its 50-year legacy. Through innovative insurance solutions and advancing financial inclusion, EIC redefines risk management, ensuring that businesses, communities, and national development projects remain fully protected.

The conversation explores the corporation’s strategic vision for the coming decade, focusing on innovation, technology-driven solutions, sustainable growth, and regional expansion. Abel emphasizes EIC’s contribution to Ethiopia’s economic resilience, supporting infrastructure, trade, and investment, while building public confidence in the nation’s financial ecosystem.

As Ethiopia strengthens its position on the African continent and global stage, EIC’s milestone anniversary reflects both a celebration of achievements and a roadmap for the future, grounded in principles of protection, trust, and national service. Through Abel Tadesse’s insights, readers gain a comprehensive perspective on how EIC is safeguarding Ethiopia and beyond, blending a rich heritage with a bold vision for the future.

ABN: Could you please introduce yourself to our readers, highlighting your professional background, career journey, and the experience that has prepared you to lead the Ethiopian Insurance Corporation at this historic milestone?

Abel Tadesse: I bring more than 24 years of extensive experience in the insurance industry, built through progressive leadership roles and hands-on engagement across Ethiopia’s financial and insurance landscape. My academic foundation includes a Bachelor’s degree, a Master’s degree, and advanced professional training in insurance, which collectively shaped my strategic and technical understanding of risk management, underwriting, and institutional governance.

My career journey reflects a strong commitment to national service and sectoral transformation. Alongside my long-standing engagement within the insurance industry, I also gained valuable exposure through a short-term professional assignment at Ethiopian Investment Holdings, an experience that strengthened my perspective on investment governance, public enterprise management, and national economic priorities.

Today, as Chief Executive Officer of the Ethiopian Insurance Corporation, I lead the institution at a defining moment as it celebrates 50 years of service to the nation. This journey, grounded in experience, discipline, and vision, continues to guide my responsibility to strengthen EIC’s role in safeguarding Ethiopia’s economy, supporting development, and advancing trust across the insurance ecosystem.

ABN; As EIC marks its 50th anniversary, how would you describe the corporation’s journey from its establishment to its current position within Ethiopia’s financial sector?

Abel Tadesse: EIC’s journey closely reflects Ethiopia’s broader economic transformation. When the Corporation was established in 1976, it had just 497 employees, nine branches, and an insurance portfolio of 9.1 billion birr.

Today, fifty years later, EIC has grown into a strong national institution with more than 2,200 employees, over 130 outlets across the country, and an insured portfolio exceeding 12.8 trillion birr.

Beyond the remarkable scale of this growth, what is most significant is the trust that underpins it. EIC has consistently strengthened its credibility as a reliable insurer, remaining stable and dependable through periods of economic change. By continuously adapting to evolving market conditions and an increasingly competitive financial sector, the Corporation has preserved its resilience while reinforcing the confidence of its clients, partners, and stakeholders.

ABN; What were the most defining milestones in EIC’s five-decade history that shaped its institutional identity and national role?

Abel Tadesse: Several milestones have been central to shaping EIC’s institutional identity and national role over the past five decades. The first was its establishment as Ethiopia’s national insurer, which made EIC the foundational institution of the insurance industry. The systems, professional capacity, and institutional practices developed at EIC became the basis upon which many insurers that entered the market later were built, positioning the Corporation as the parent of the sector.

Another defining milestone was the early expansion of a nationwide branch network now exceeding 130 locations, which ensured access to insurance services across the country and firmly established EIC as a truly national institution. Over time, EIC also assumed a strategic responsibility in safeguarding public assets and underwriting major national development projects, supported by a strong financial base and unmatched underwriting capacity.

A major turning point came with the gradual opening of the insurance market. Increased competition compelled EIC to strengthen governance, improve efficiency, and elevate professional standards in order to remain competitive. More recently, internal reforms and modernization initiatives have enhanced agility and service delivery, while aligning the Corporation with Environmental, Social, and Governance principles. Together, these milestones have shaped EIC into a resilient, trusted institution with a strong national mandate.

ABN; How has EIC contributed to strengthening Ethiopia’s economic resilience and financial security over the years, particularly in times of uncertainty and transition?

Abel Tadesse: Insurance begins with risk identification and risk minimization, to understand the potential exposures and taking measures to reduce their impact before losses occur. At Ethiopian Insurance Corporation, this preventive risk management approach has long guided how we support businesses, public institutions, and households. By promoting structured risk awareness and protection, we contribute directly to Ethiopia’s broader economic resilience and financial stability.

However, risk can never be eliminated entirely. When the unforeseen happens, insurance fulfills its core promise. This is where EIC steps in. Insurance often becomes most visible during moments of loss, and this is where EIC’s contribution to Ethiopia’s economic resilience is most evident. In its very first year of operation, the Corporation paid claims totaling 17.6 million birr. In the most recent year alone, claims payments exceeded 6.5 billion birr.

Behind these figures are real economic outcomes businesses reopening after setbacks, infrastructure being restored, and public and private institutions continuing to operate despite shocks. Over the years, EIC has played a stabilizing role in the economy by cushioning financial disruptions and supporting recovery, particularly during periods of uncertainty and economic transition.

ABN; Insurance penetration remains a key challenge in many developing economies. How has EIC worked to expand access to insurance services across different regions and communities in Ethiopia?

Abel Tadesse: Insurance penetration is a challenge in many developing economies, and EIC is working to address this by focusing on access, awareness, and relevance. EIC supports financial inclusion by protecting households and small businesses from falling back into vulnerability after unexpected losses. From the very beginning, we understood that insurance must be available where people live and work. This is why EIC expanded from nine branches to a nationwide network of more than 130 outlets, allowing us to serve communities far beyond major urban centers.

Access alone, however, is not enough. We have invested consistently in public awareness and in designing insurance products that reflect local economic activities and risks. And we are also working toward more technology based and technology supported insurance service delivery.

ABN; What role has EIC played in protecting national assets, public institutions, and strategic development projects over the past 50 years?

Abel Tadesse: Over the past five decades, EIC has played a central role in safeguarding Ethiopia’s most important national assets and strategic development projects. The Corporation has arranged insurance coverage for major initiatives such as the Grand Ethiopian Renaissance Dam and the Ethio–Djibouti Railway, as well as for key public institutions including Ethiopian Airlines and Ethio Telecom.

Given the scale and complexity of these risks, coverage is structured through carefully designed risk-sharing arrangements with reputable regional and international reinsurance partners. This approach enables EIC to provide robust protection for nationally significant assets while maintaining financial reliability.

ABN; Institutional reform and modernization are essential for long-term sustainability. What major reforms and internal transformations has EIC undertaken in recent years?

Abel Tadesse: Currently EIC has embarked on a deep and comprehensive institutional reform aimed at renewing the Corporation’s direction and long-term sustainability. Our objective is to transform EIC from a traditionally structured state insurer into a dynamic, agile, and competitive organization.

The reform focuses on improving operational efficiency, strengthening accountability, and establishing robust performance-management systems. Human capital development is a central pillar of this effort. We are implementing a new workforce strategy, introducing structured performance evaluations, and expanding professional development opportunities.

At the same time, we are investing in digital transformation, modernizing our brand, and aligning our operations with global best practices. By strengthening partnerships with stakeholders and fostering a collaborative internal culture, we are building greater institutional resilience and shared value.

Ultimately, these reforms are designed to position EIC on a strong foundation for the next 50 years ensuring the Corporation remains trusted, innovative, and fully equipped to meet Ethiopia’s evolving insurance needs.

ABN; How is EIC leveraging technology and digital solutions to improve service delivery, operational efficiency and customer experience?

Abel Tadesse:  Technology is a central pillar of EIC’s transformation agenda and a key enabler of better service and efficiency. Our objective is to improve how we operate and serve clients. We are working on upgrading our core insurance systems to create a more integrated operational environment.

ABN;  Product innovation is critical in a changing risk environment. How has EIC adapted its insurance products to meet emerging risks such as climate change, infrastructure expansion, and growing private sector activity?

Abel Tadesse: Product innovation is central to EIC’s vision of safeguarding Ethiopia and beyond. In a rapidly changing risk environment, our focus goes far beyond protecting physical assets alone. We believe insurance should enable every Ethiopian to transfer financial risk and, in doing so, support the resilience and growth of our economy.

To achieve this, we are not only responding to emerging risks such as climate change, infrastructure expansion, and increased private sector activity, but we are also intentionally designing solutions for micro, small, and medium enterprises, as well as for farmers who form the backbone of our economy. We work closely with a wide range of stakeholders to develop products that are practical, inclusive, and tailored to their specific needs.

So far, these efforts have enabled us to insure more than 400,000 farmers across the country. With regard to emerging risks, we are actively developing and refining policies in collaboration with our reinsurance partners and Insurtech, ensuring that our products remain relevant and forward-looking.

In addition, we are investing in innovative life insurance solutions to help expand insurance penetration in Ethiopia overall. Through these initiatives, EIC continues to adapt, innovate, and play a meaningful role in strengthening economic resilience for individuals, businesses, and the nation as a whole.

ABN; Human capital is central to institutional success. How has EIC invested in building professional capacity, leadership, and technical expertise within the corporation?

Abel Tadesse: Human capital is at the core of EIC’s transformation. As part of our ongoing institutional reform, we are intentionally building a workforce that is not only skilled and professional, but also aligned with our vision of a dynamic and competitive corporation.

We are introducing a new human resource strategy that places strong emphasis on leadership development, technical capacity building, and performance-management systems that reward results and accountability. In recent years, a number of our employees particularly at the managerial level have participated in advanced training programs both locally and internationally. This has strengthened their ability to manage complex risks and deliver high-quality services across the corporation.

By prioritizing human capital, EIC is steadily expanding its institutional capacity to meet evolving national and market needs, while remaining agile, professional, and forward-looking.

ABN; How does EIC balance its public mandate with commercial competitiveness in an increasingly liberalized and competitive insurance market?

Abel Tadesse: Balancing our public mandate with commercial competitiveness is one of EIC’s core responsibilities. While we are mandated to support national priorities and strategic sectors, we also operate in an increasingly liberalized and competitive insurance market that demands efficiency, discipline, and wide-ranging risk management.

We manage this balance by applying strong underwriting standards, prudent cost control, and rigorous risk assessment, while continuing to serve sectors and projects that are critical to Ethiopia’s development. This disciplined yet purpose-driven approach has enabled EIC to remain commercially viable, trusted by stakeholders, and relevant in a changing market.

ABN; What partnerships, domestic or international, have been most strategic in strengthening EIC’s technical capacity and market reach?

Abel Tadesse: Strategic partnerships have been essential in strengthening EIC’s technical capacity and market reach. Domestically, our collaborations have supported wider outreach and more effective service delivery across the country. Internationally, partnerships with leading reinsurers and technical partners have enhanced our ability to manage complex and large-scale risks, while exposing the Corporation to global best practices.

These relationships have been particularly critical in supporting major infrastructure and strategic development projects. EIC works closely with local and international insurance companies and partners such as Ethio Re, Munich Re, Africa Re, as well as a range of reputable domestic and international brokers. Together, these partnerships have strengthened our risk-sharing capacity, technical expertise, and overall market resilience.

ABN; Looking back, what lessons has EIC learned over five decades that continue to guide its strategic decision-making today?

Abel Tadesse: Over five decades, one of the most important principles that has shaped EIC is the need for adaptability. Economic conditions, regulatory frameworks, and risk profiles continually evolve, and long-term relevance depends on an institution’s ability to respond with agility and foresight.

Equally central to EIC’s identity is the value of trust. Trust remains central in the core values of our Corporation. Built through reliability, integrity, and consistent service, trust remains one of the Corporation’s strongest assets. These principles continue to guide EIC’s strategic direction as it strengthens resilience, embraces innovation, and positions itself for a dynamic and competitive future.

ABN; As Ethiopia’s economy continues to grow and diversify, what role do you envision EIC playing in supporting industrialization, investment, and national development priorities?

Abel Tadesse: As Ethiopia’s economy continues to grow and diversify, EIC is deliberately strengthening its capacity to meet future demands. Through ongoing institutional reforms, human capital development, and digital modernization, we are building a skilled and professional workforce capable of responding to an evolving economic landscape. By improving operational efficiency and expanding service delivery, EIC is well positioned to support both public and private investment.

Looking ahead, EIC aims to play a role that goes beyond traditional insurance. We seek to serve as a reliable risk partner for Ethiopia’s national development agenda supporting industrialization, infrastructure expansion, and strategic investment by providing stable and well-structured risk protection. By aligning our capabilities with national priorities, EIC will continue to contribute to sustainable economic growth while honoring its legacy and helping shape the future of the insurance industry in Ethiopia.

ABN; Finally, on this Golden Jubilee milestone, what message would you like to share with EIC’s customers, partners, employees, and the Ethiopian public as the Corporation looks towards its next chapter?

Abel Tadesse: This big milestone belongs to all who have placed their trust in us over the past five decades. I would like to extend my sincere appreciation and gratitude to our esteemed customers and partners for their continued confidence and collaboration. I would also like to thank all employees of EIC. This achievement is the result of their dedication.

I would like to stress that EIC remains firmly committed to its national responsibility. For the years to come, our focus is to preserve the values that have sustained us for five decades while embracing the reform. With collective effort and continued trust, we are confident that EIC will remain a strong and reliable Corporation.