OROMIA Insurance Company S.C.
Oromia Insurance Company S.C is a profit making share company established and licensed by the National Bank of Ethiopia to carry on general Insurance business on 26 January 2009, now OIC transacts all classes of insurance: Non-life Insurance, Life Insurance and Micro Insurance. It commenced operation on 9 February 2009.
Oromia Insurance company S.C (OIC) is fast growing insurance company and currently it has 29 branches and 7 contact offices in different part of the country, through which it carries out Non-Life, Life and Micro insurance which is the first of its kind.
OIC is an innovative company that transacts all classes of insurance under one roof.
To be a Leading Insurer
Rendering efficient insurance services at competitive prices by using up-to-date technology and trained manpower to fully satisfy all its stakeholders.
Oromia Insurance Company S.C was established and licensed by the National Bank of Ethiopia on 26th January 2009 to engage in general insurance business.
It commenced its operation on 9th February 2009 .The Company was established by 540 founding shareholders with a paid-up capital of Birr 26 million and a subscribed capital of Birr 85 million. At the end of 2016/17 FY, the number of shareholders reached 840, the paid up capital rose to Birr 155.2 million and the subscribed capital also rose to 250 million.
This clearly demonstrates the fact that the Company commenced its operation with a strong and reliable financial capacity, being the first of its kind to mobilize such a huge amount of paid-up capital in the country’s insurance industry. Moreover, the diversity of its shareholders manifests the Company’s strong social base which includes 1,600,000 low income farmers through their farmers’ cooperative unions.
The Company has crafted suitable mission that is customized to address the acute needs of its customers and has also developed reliable and continuously improving strategic plans which will help to ensure the realization of its vision.
Taking into consideration the needs of those low income farmers who became shareholders of the Company through their farmers’ cooperative unions, OIC also launched Microinsurance products (crop & livestock) in 2010, i.e., about a year after its establishment. Life Insurance operation then followed in 2012.
The Company already achieved most of the targets set for its first strategic plan and is now implementing its second strategic plan that will serve until 2020/21 budget year.
Currently, OIC has 38 full-fledged branch offices and 3 contact offices throughout the country. It also works with a number of sales agents, all insurance brokers as well as banks in the country