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United Insurance Share Company stated that it has introduced a new insurance product called Political Violence Insurance. The Insurance Company told Capital that it got the green light from the National Bank of Ethiopia at the end of last month to provide the new insurance product.
The insurance will cover physical loss or physical damage to buildings and contents which belong to the Insured or for which the Insured is legally responsible, directly caused by one or more of the following perils occurring during the Policy Period and in respect of which the Insured has purchased cover; Act of Terrorism; Sabotage; Riots, Strikes and/or Civil Commotion; Malicious Damage; Insurrection, Revolution or Rebellion; Mutiny and/or Coup d’Etat; War and/or Civil War.
“This is a new product for us even though we are the only ones providing the service. However, this is a common product in many other countries,” said Mesfen Eyasu, Marketing Manager at United Insurance.
Nyala Insurance, another company that has been in the insurance sector for a long time, has been providing similar insurance products since February, 2015 and continues to do so today.
“We always develop new products based on our strategies and then we saw that this kind of insurance product in Africa, especially in Kenya, was in demand. Some foreign investors also used to ask if such insurance products were available, and so we have sold the product to some of them and we continue to do so currently,” said Yared Mola, President of Nyala Insurance.
Last week, United Insurance also launched an online service that enables customers to buy different insurance policies. “It is done to make things easier for our customers, they don’t need to come to our offices, they can just purchase the policy online and pay online,” Mesfen said.
The online available insurance products are; motor vehicle third party insurance, travel insurance and funeral insurance. The company hopes to add more insurance services that do not require in person presence in the future.