It gives us great pleasure to declare Lion Insurance Company’s keen desire to establish a mutually beneficial business relationship with your esteemed organization. Allow us therefore to reintroduce Lion Insurance Company (S.C.) and its services. To this end, we are pleased to hereby file the Company’s profile vis-à-vis the Ethiopian insurance industry for your records
Established in June 2007 by over 300 shareholders, Lion Insurance Company (S.C.) has a broad public base. Registered at an ever higher initial paid-up capital of Birr 16 million and a subscribed capital of Birr 66.4 million, the Company is one of the highest capitalized companies in the private insurance sector at formation. Currently, the Company’s paid-up capital has reached Birr 100 million and the subscribed is raised to Birr 300 Million. The Company has acquired its own recovery yard area 7200 m2 at Akaki/Kality Sub City near Midroc Terminal and also has a G+7 & G+6 building for its Head Quarter built on 1000 m2 area which is found on the street of Haile G/Sellasie Avenue, Lion Insurance Building. Lion Insurance Company (S.C.) is licensed to transact all life and non-life insurance products. Presently, it is providing a full range of non-life products to the public.
Lion Insurance Company (S.C.) is organized in such a way that it would easily be able to provide an efficient service to its customers. It is characterized by a flat organization structure with all units having broad authorities and thus customers’ cases shall be resolved expeditiously. The Board of Directors is the highest management body of the Company (S.C.). The Board is composed of renowned entrepreneurs and professionals who are highly dedicated to employ their expertise and experience to the Company’s growth and development.
The Company is organized with three decision making layers:
Ultimate decision makers on all decisive issues of the Company;
Policy makers of the Company;
Executives of policies and decisions of the Company.
The Executive Management as well represents a team of qualified and experienced professionals and practitioners in the insurance industry who tirelessly work towards the achievement of the Company’s objectives and to the satisfaction of the Company’s customers.
The Company’s service philosophy centres on indemnifying its customers with equitable compensation and timely service. To make efficient of the claims service, decentralization has been made to the outlying branches of the Company namely Mekelle, Adama, Gondar, Hawassa, Bahir Dar, D/Markos, Adwa and Shire with authority limit up to 60,000 ETB. The Management of the Company is guided by adhering to applicable professional standards, ethics of conduct and good governance in implementing its goals and objectives. Furthermore, in Lion Insurance Company, as core stakeholders, clients are encouraged to participate in all corporate decision making processes in general and in claims handling and services in particular.