Nyala Insurance S.C. (NISCO) has announced the commencement of insurance coverage for more than half a million workers traveling abroad. With their strong financial resources and commitment to innovative insurance solutions, Nyala has launched life insurance services specifically tailored for Ethiopian citizens seeking employment opportunities overseas.
Through a two-year contract secured with the Ministry of Works and Skills, NISCO is now able to provide life insurance coverage to over 500,000 Ethiopians traveling abroad for job opportunities. The coverage offers a maximum benefit of 1.35 million birr per individual, with an annual premium of 500 birr.
The insurance coverage includes protection against death, injuries, mental disorders, and related issues. Furthermore, NISCO also provides coverage of up to 250,000 birr for the transportation of deceased individuals, burial arrangements, and the transportation of personal belongings in the unfortunate event of a traveler’s death in the foreign country.
To ensure convenient access to services, NISCO has introduced a new online system that enables travelers to efficiently and swiftly obtain insurance coverage. Alternatively, they can visit branches or digitally connect with their agencies within a matter of minutes.
NISCO expresses its appreciation for the initiative undertaken by the Ministry to provide life insurance coverage, which plays a vital role in safeguarding the well-being of citizens.
It is worth noting that the previous insurer’s facility for life insurance coverage for foreign employment contract travelers was limited to a maximum of 400,000 Birr.
