The National Bank of Ethiopia approved the appointment of Tesfaye Desta as the new president of Oromia Insurance Company, Ethiopia.
Tesfaye has been serving as acting president of Oromia Insurance after Mitiku Abdissa founding president resigned last April He previously served as a financial analyst-project officer at the Ministry of Industry from 1987-91. He served in a managerial position with Nyala Insurance for more than ten years.
In 2007 Tesfaye joined United Insurance Company after which he joined Oromia Insurance as head of operations in January of 2011.Oromia Insurance is a late entrant into the Ethiopian Insurance sector introducing new practices such as livestock and crop insurance. It currently has 540 shareholders with 85 million birr subscribed capital and 29 million birr paid up capital. The company showed a profit of 2.15 million birr, before tax in the last fiscal year.
The company has a reinsurance arrangement with General Insurance Company of India Africa Insurance Corporation and PTA Reinsurance Company.
Oromia Insurance recently established Multi Peril Livestock insurance and Multi Risk Crop to offer insurance to agro-pastoral, pastoral and farming communities. The company is challenged by the absence of an adequate number of experts in the relevant area.
Oromia Insurance has 17 branches across the country including 8 in Addis Ababa, (Finfine).
Source: Capital
