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Nyala Insurance S.C. provides Three Pronged Services:
I. GENERAL INSURANCES
Personal Line
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a) Accident and Health
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b) Property
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c) Motor Private Vehicle |
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Commercial Line | ||||
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a) Accident and Health
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b) Property
i. Contractors All Risks (CAR) 5. Motor commercial Vehicle i. Dry Cargo Goods Carrying Vehicle ii. Liquid Cargo Goods Carrying Vehicle iii. Public Carrying Vehicle iv. Motor Trade v. Yellow Card |
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c) Marine 1. Cargo All Risks 2. Inland Transit |
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d) Liability
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e) Pecuniary
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f) Aviation
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g) Airport Liability (airside, catering) |
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I. LIFE AND HEALTH INSURANCES | ||||
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III. MICRO-INSURANCE SERVICES | ||||
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We hope you're never involved in an accident, but if you are, we are here to help. Service Centers can help guide you through the claims process and learn what steps to take.
Nyala Insurance issues call for assistance tags to all its Motor Policy holders to be placed at a visible place inside their vehicles. In case of road accidents, the driver or others may use the information on the tag and call:
What makes us stand out is our relentless pursuit to help our customers manage their risks, recover from the unexpected, and achieve peace of mind. Besides, Nyala Insurance Share Company has the following qualities:
You can first go to your nearest NISCO branch, call us, come in person to our Customers’ Relations Management office: 1st floor at the Head Office (Protection House).
At NISCO we believe that, Insurance benefits individuals, organizations and society in more ways than the average person realizes. Some of the benefits of insurance are:
In conclusion, to protect your family and assets in a claim situation; Insurance helps you pay for property damages and health/medical expenses related to an insured event. In order to drive a car you own, you must have insurance by law (i.e.; Compulsory Third Party Insurance). Banks also requires you to have insurance when you have a loan or lease on a car or home.
Insurance coverage is the amount of risk or liability that is covered for an individual or entity by way of insurance services. Insurance coverage, such as Property insurance, life and Health insurance – or more exotic forms, such as Micro insurance – are issued by NISCO in the event of unforeseen occurrences.
Micro insurance protects against loss of or damage to crops or livestock. It has great potential to provide value to low-income farmers and their communities, both by protecting farmers when shocks occur and by encouraging greater investment in crops. However, in practice its effectiveness has often been constrained by the difficulty of designing good products and by demand constraints.
At NISCO, Micro insurance can indemnify policyholders for losses, though such indemnity products are relatively rare (particularly in the Ethiopian Insurance Industry) due to the high costs of administration and the risk of fraud.
Because of its fragmented nature and susceptibility to climate risk, rain-feed smallholder farming has long stayed as a less appealing market for both insurance and input credit. However, as NISCO considers itself as a corporate member of the society and aspires to play role in sharing societal problems, the company is delighted to extend its care and protection commitment through innovative solutions to the marginalized rural poor; despite the challenges therein.
At NISCO, we believed that micro-insurance improves farmers’ access to credit and encourage them to invest on improved input and technology through guarantying peace of mind. In collaboration with various national and international organizations the company has so far insured more than five thousand farmers for crop and livestock risks.
Nyala Insurance provides its customers with the following basic Micro Insurance coverages.
Multi-Peril Crop Insurance (MPCI)
MPCI protects against crop yield losses by allowing participating producers to insure a certain percentage of historical crop production. At NISCO a single Multi-Peril Crop Insurance policy protects crops against:
Weather Index-Crop Insurance
Weather index-based insurance is an attractiveapproach to managing weather and climaterisk because it uses a weather index, such asrainfall, to determine payouts and these canbe made more quickly.
Index based insurance indemnify farmers based on change in index rather than an assessment of damage. The index is based on a specific weather parameter that is closely correlated with yield and measured over a specific period of time at a particular weather station or satellite information. Crops under the index based crop insurance can be covered against drought or shortage of rainfall.
Livestock Insurance
Livestock insurance indemnify the Insured against loss or damage in the event of the covered livestock be lost or destructed during the period of insurance by death or emergency slaughter on medical grounds as a direct result of the following:
Please note that subject matter of insurance are all animals of the bovine species which belong to the farm(s) described in the schedule, provided that they have reached the age of more than 90 days.
In its basic form, a life insurance policy provides death benefits and is designed to cover loss of income, end-of-life expenses, funeral costs and other financial needs that a family may have if you – the policyholder – should die unexpectedly.
Life insurance can protect your family from becoming financially burdened in the event that you unexpectedly die, especially if you are the primary income earner for your household. Life insurance proceeds can help your loved ones cushion the economic impact that may occur as a result of your death.
Life insurance is important for different individuals for different reasons. For some people, it is important to cover end-of-life costs while others want to create a large financial legacy for their dependents and heirs. Some people want a life insurance policy that will help their business continue to flourish after their passing. Others want to create an endowment that will benefit an important cause or institution.
NyalaInsurance provides its customers with the following basic Life-assurance coverages.
Term insurance policy
Terminsurance is a “no frill” type of a life insurance that provides coverage only for a particular ‘term’ or for defined number of years. These terms can be for 10, 20 or 30 years. It is a “pure” life insurance simply because, you actually pay for the value of the death benefit for your family members in the form of either monthly or yearly premiums. Term insurance is actually designed to safeguard you from uncertainties.
Endowment plan
An endowment plan is a combination of insurance and investment. Any life insurance plan that has a saving component along with a lump sum benefit is called as an endowment plan. If you pass away during the term of your policy, your nominee will receive the benefits of the sum assured amount and guaranteed returns. However, since the biggest advantage of an endowment plan is that if you survive throughout the term of your policy, then at maturity you will be paid the sum assured along with the other benefits in the form of bonus. It is totally recommended to everyone.
Whole LifeInsurance
Whole life insurance is a life insurance policy which is guaranteed to remain in force for the insured's entire lifetime, provided required premiums are paid, or to the maturity date. As a life insurance policy it represents a contract between the insured and insurer that as long as the contract terms are met, the insurer will pay the death benefit of the policy to the policy's beneficiaries when the insured dies.
Whole life premiums are fixed, based on the age of issue, and usually do not increase with age. The insured normally pays premiums until death, except for limited pay policies which may be paid up in 10 years, 20 years, or at age 65.
Mortgage Redemption Insurance
MRI is an insurance policy that provides financial protection for home loan borrowers and their families. Specifically, MRI helps settle outstanding home loan amounts in the event of death or total disablement of the borrowers.
Generally, in the event of untimely death or disability of a home loan borrower (significantly if he or she is the main income earner), the greatest problem facing surviving households is their ability to pay off the remaining home loan. In many instances, the surviving family members may even need to sell off the property at less-than-competitive price just to pay off the outstanding amount.
By signing up for MRI, surviving family members will not be left with such burden because MRI covers part or the entire unpaid portion of a home loan.
Sum insured is the amount of money that an insurance company is obligated to cover in the event of a covered loss.
Excess/Deductible is the first part of a claim amount which has to be borne by the insured. In other words, fixed amount or percentage of an insurance claim that is the responsibility of the insured, and which the insurance company will deduct from the claim payment. Sometimes Excess/deductibles are voluntary (to qualify for a lower premium rate) but usually they are imposed by the insurer to avoid paying a large number of small claims.
The main purpose of excess/deductible is usually to make the insured his/her own insurer for the specified amount of the excess, thus perhaps encouraging greater care.
Types of Excesses
a) Compulsory Excesses: is an excess amount which is imposed by insurers. A compulsory excess generally, may not be deleted even if the insured wants. Compulsory excess include standard excess, young and inexperienced driver excess, fire and theft excess as well as breakage of glass excess.
b) Voluntary Excess: is an excess which is voluntarily accepted by the insured over and above the compulsory excess to obtain discount in premium.
The principle of contribution entails that two or more insurers each liable for a covered loss should participate in the payment of that loss. Having paid its share of a loss, an insurer may be entitled to equitable contribution—a legal right to recover part of the payment from another insurer whose policy was also applicable.
No claim discount is the feature of private as well as commercial policies. No claim discount (NCD) is reward granted to policyholders who have not made a claim up on their policy during the preceding period of insurance, normally twelve months.
No claim discount is the feature of private as well as commercial policies. No claim discount (NCD) is reward granted to policyholders who have not made a claim up on their policy during the preceding period of insurance, normally twelve months.No claim discount is the feature of private as well as commercial policies. No claim discount (NCD) is reward granted to policyholders who have not made a claim up on their policy during the preceding period of insurance, normally twelve months.
The insured must be in a legal relationship between the subject matter of insured and the financial loss. This is to avoid people insuring the property of others and then collecting insurance money should anything happen, through their own machination.
Typically, insurable interest is established by ownership, possession, or direct relationship. For example, people have insurable interests in their own homes and vehicles, but not in their neighbors' homes and vehicles, and almost certainly not those of strangers.
Whosoever effect insurance policy for own benefit should be one who stands to suffer financial loss if the insured event takes place. Insurable interest constitutes the legal right to insure arising out of a financial relationship recognized at law between the insured and the subject matter of insurance. In the absence of insurable interest requirement, if people were free to insure for their own benefit whoever and whatever pleases them, it would have been an open invitation to the unscrupulous to commit a host of serious crimes with the view to the realization of profit. Situation is clearly not in the public interest or is out of Public Policy.
Insurable interest is created when one stands in relationship with some subject matter whereby the benefits from its safety and prejudiced from its loss/destruction. One can also insure for an amount not greater than the value of his interest.
An example of how insurable interest is created is given below:
Life Insurance- No monetary value is placed on human life. The extent of insurable interest on ones owns life has no limit. But when one insures the life of another is different. As per Ethiopian Commercial Code a person can insure the life of another but only with the consent of the person to be insured both as to the assurance and amount of assurance;
Property Insurance- absolute owner has insurable interest to the extent of financial value of the property.
Liability Insurance- amount of liability can't usually be known in advance. Recover under the policy is limited to the award even where the limit of policy per the policy is greater.
In majority cases, the existence of insurable interest in non-life insurance must exist at the time of loss, not necessarily at inception. Non-Life policies are contracts of indemnity and a person can be indemnified only if loss is incurred. Insurable interest need only exist at inception in the case of life policy since life policy is not a contract of indemnity.
Nyala Insurance Share Company (NISCO) was founded in July 1995 following the liberalization of the insurance business to the private sector in 1994 with the Licensing and Supervision of Insurance Business Proclamation No. 85/1994. Read more...
Apart from its major investments in real estates in the downtowns of Addis Ababa, Bahir Dar and Nazareth, Nyala Insurance selectively invests in various financial institutions like Dashen Bank, which have potentially high investment returns. Read more...
Protection House, Mickey Leland Street
Tel: +251-11-6626679/80/76
Email: nisco@nyalainsurancesc.com
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