One of Ethiopia’s oldest insurance companies is getting a new building. Eyob Girma Consulting and Architect’s 13 storey design
beat out four other finalists to draw the plans for Africa Insurance Company’s new building on Africa Avenue (Bole Road).
Kiros Jiranie, CEO of Africa Insurance told Capital that the construction bid process will occur when the next fiscal year starts this July.
According to Kiros, they will begin negotiations with the Architects in the next few weeks for a fully detailed proposal and consultancy of the project.
The insurance firm has awarded 50,000 birr to the winner. The other two design work competitors Habtom Hagose and Solomon Ferede whose designs were second and third received 30,000 and 20,000 birr respectively.
The building that will be erected in the Bole Rwanda area will be the second building for the insurance firm. The company has been undertaking the construction of its first building at Bisrate Gabriel area at the cost of 180 million birr.
The 11 storey building is scheduled to be fully completed before July. The project undertaken by Teklebirhan Ambaye Construction Company spans on a 2,100 sqm plot and will include three storeys of underground parking.
The insurance firm has already finalised a 600sqm land lease process from the city administration for the construction of its second building.
In separate news, the company introduced a weather index insurance product in collaboration with Oxfam USA and Dedebit Credit and Saving Institution. “This insurance is focused on farmers. We have a pilot project going on now at 38 stations in Tigrai region,” the CEO added.
Africa insurance has 50 million birr worth of shares in Wegagen Bank, making it a major shareholder. The insurance firm has registered 278 million birr from premiums over the last nine months of the fiscal year. That figure is expected to reach 320 million birr by the end of the fiscal year. In the past budget year Africa has registered 255 million birr from written premiums and grossed a 19 million birr profit. Auto insurance still rakes in more money than any other policy. According to the head, the company’s total assets exceed 500 million birr in the first three quarters of the budget year.