United Insurance pays 24m birr to Tiger Soap


United Insurance Company SC (UNIC), one of Ethiopia’s oldest and largest private insurance firms has paid out their second highest claim. This week they covered a loss suffered by East African Tiger Brands Industries PLC soap factory located around Bishoftu.
The factory was damaged by fire on January 31. They were paid 24.12 million birr in compensation by UNIC at an event held on March 28 at UNIC’s headquarters.
According to the statement that UNCI sent to Capital the company has been a customer of the insurer since September 2017.
In 2013 the company settled a 52 million birr claim for the Ethiopian Roads Authority. Mesfin Eyasu, Marketing Manager of UNIC, said that the current payout is the second largest in the history of UNIC.
Last year, UNIC saw its profits increase by 95 percent.
In the 2017/18 financial year the insurer registered gross written premiums of 474 million, an increase from 417 million in 2016/18, while the gross earned premiums stood at 449.5 million, which is a 65-million-birr increase compared with the preceding year’s performance. Life insurance premiums took in 36 million birr.
Their profit before tax for the 2017/18 fiscal year reached 132 million birr. A year ago the company earned 67.8 million birr in pre-tax profits.