NICE Holds 6th Annual Meeting of Share Holders

The National Insurance Corporation of Eritrean (NICE) today held its regular 6th annual meeting of share holders at Hotel Asmara Palace.

Asmara, 5 June 2010 - The National Insurance Corporation of Eritrean (NICE) today held its regular 6th annual meeting of share holders at Hotel Asmara Palace.

Speaking at the opening session, member of the board of the Corporation, Mr. Girmai Gebremeskel, indicated that the year 2009 witnessed the worst economic and financial crisis in the history of the world over the past 80 years. He further stated that the NICE’s capacity to gain profit in the face of such global crisis is not to be viewed lightly. In this connection, Mr. Girmai stated that the Corporation is ready to pay over 48 million Nakfa to share holders out of the profit it gained and other source of income.

Also in a report he presented at the meeting, the general manager of NICE, Mr. Zeru Woldemichael, pointed out that the Corporation sold 157 million Nakfa worth insurance ventures last year, which in turn showed a growth of 10% compared to the previous year. As such, profit amounting to 41 million Nakfa has been attained through covering all expenses, he elaborated.

Following reports on the tasks accomplished, the participants of the meeting conducted discussion on establishing a special fund and subsequently elected auditors entrusted with the task of supervising the activities of the Corporation.

NICE is providing 50% of vehicle insurance, 29% fire and other accidents, 20% marine and aviation insurance, as well as 1% life insurance.