Increase in the minimum capital of insurance companies in Ethiopia

The National Bank of Ethiopia (NBE) has issued a directive establishing minimum capital required to operate an insurance activity. Non-life insurers will now have a minimum capital of 60 million ETB (3.3 million USD) against 4 million ETB (221 840 USD) currently in force while life insurers will have to raise theirs from 3 million ETB (166 380 USD) to 15 million ETB (831 900 USD).

The companies have up to 31/12/2015 to comply with this directive.