Business
Nyala Insurance Capital Tops 2 Billion Birr
BirrMetrics · 3 hours ago · Read the Full Story on BirrMetrics
AI SUMMARY
Nyala Insurance has increased its paid-up capital to over two billion birr as its 30th anniversary coincides with National Bank plans for a dedicated insurance regulator.
- Nyala Insurance S.C. has increased its paid-up capital to over 2 billion birr and total assets to over 7 billion birr.
- The privately owned insurer is marking 30 years of operations since its establishment with an initial paid-up capital of 7 million birr.
- The National Bank of Ethiopia is working to establish a separate regulatory authority dedicated to supervising the insurance sector.
- Belay Tulu, director of the Insurance Directorate at the central bank, stated that the proposed regulator will strengthen oversight and support industry competition.
- Nyala introduced a new corporate identity under the theme NISCO Reimagined, replacing the logo used for three decades.
- The company plans to expand digital systems, improve claims settlement procedures, and strengthen customer service across its network of over 50 customer service centres.
- Nyala has trained more than 200 insurance professionals over the past nine years as part of its workforce development activities.
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