Nyla insurance SC paid over 10 million birr to Dangote Industries plc in a compensation claim.
Dangote Industries plc Ethiopia claimed 10.7 million birr as a compensation when its conveyer belt failed and its business was interrupted four months ago.
The payment was made in the presence of Nyala Insurance Management team and representatives of Dangote Industries on March 20, 2019.
“This is really a moment of truth to stand beside our prominent customers, Dangote Industries Ethiopia and we are honored to pay out the claims as per the insurance policy coverage for assets and the risks of machines breaking down and client business interruption Yared Molla, CEO of Nyala Insurance said.
“Nyala Insurance is ready to settle claims on time and provide effective and regular risk management and safety trainings to ensure customer business welfare,” Yared added.
Nyala Insurance Share Company (NISCO) was founded in July 1995 following the liberalization of the insurance business to the private sector. Companies such as BGI Ethiopia, Derba Cement, Salini Impergilo, Trans-nation Airways are some of its corporate customers.
Last fiscal year, the company recorded the industry’s highest result in its core business where its growth written premiums increased by 76 percent to stand at 769 million birr.
The insurer became one of the leading private insurance companies in Ethiopia with a strong financial capacity of Birr 300 million subscribed capital, it guarantees protection with care to its customers through three pronged services – General, Life and Micro-insurance solutions with 45 branches throughout the nation.