NISCO pays 19mln birr for fire damage insurance

Modern Building Industries PLC, AMAGA and Dana Trading PLC whose properties were damaged by fire received payments from Nyala Insurance S.C. (NISCO).
NISCO’s CEO, Yared Mola presented a check for 7,416,799 birr to Modern Building Industries PLC, on February 15, 2018 who lost machines, laboratory equipment, material stocks and products in fires.
AMAGA PLC and Dana Trading PLC also received checks for 5.2 million and Birr 6.3 million, respectively, against losses and damages to their respective properties.
Yared said claim payments are a moment of truth when the insurer’s credibility is really tested and Nyala Insurance by settling these claims has proved it can be trusted by its esteemed customers.
He emphasized that, apart from handling claims on time, NISCO regularly provides effective risk management and safety trainings that are vital to reassuing the business community that they are committed to them.
The company representatives thanked NISCO and its management for their prompt responses and praised Nyala Insurance for being the right business partner at a time of such big losses, and added, they are very committed to enhancing their business relations.
Previously, NISCO paid out 28.7 million birr to MBI after they lost property in a fire. NISCO has 45 branches throughout the country.