Awash Insurance

What Awash Insurance does

Awash Insurance S.C. is Ethiopia's largest private insurance company, founded on October 1, 1994, following the liberalization of the country's financial sector. The company operates as a multi-line composite insurer offering four core business lines: General (Non-Life) Insurance covering motor, property, liability, marine, engineering, and specialty risks; Life and Health Insurance providing term, endowment, and whole-life assurance; Travel Insurance for regional and international travelers; and Salaam Takaful, a Sharia-compliant insurance window authorized by the National Bank of Ethiopia. Headquartered in Awash Towers on Ras Abebe Aregay Street in central Addis Ababa, the company serves more than 100,000 customers nationwide through 71+ branches, 300+ sales agents, bank distribution partnerships (notably sister company Awash Bank, where Awash Insurance is the leading shareholder), and digital channels including mobile applications.

The underlying technology stack consists of modernized insurance information systems for General and Long-term Insurance operations, supporting automated policy management, claims handling, and customer service. Distribution is anchored in physical branches but increasingly extended through digital partnerships — a strategic Ethiopian Airlines Group collaboration embedded digital travel insurance into the airline's passenger journey in 2025, and a Safaricom M-PESA Ethiopia partnership enabled mobile-money premium payments. The product portfolio spans more than 20 sub-products, including All Risks, Political Violence and Terrorism, Professional Indemnity, Fidelity Guarantee, and agricultural (crop) insurance.

Awash Insurance generates revenue primarily through recurring insurance premiums across non-life, life, and Sharia-compliant lines, with pricing set risk-by-risk rather than publicly disclosed. For FY 2024/25, the company reported record-breaking gross written premium of ETB 4.53 billion (Insurance Revenue ETB 3.68 billion net of reinsurance) and pre-tax profit exceeding ETB 1.11 billion — the first private Ethiopian insurer to cross this profitability threshold. Total assets reached ETB 11.12 billion against ETB 5.07 billion in equity, supported by ETB 4 billion in subscribed capital and a top-tier reinsurance program anchored by Munich Re and Africa Re. The company is privately held by more than 2,181 individual and corporate shareholders with no stock exchange listing.

Name

Awash Insurance

Legal name

Awash Insurance S.C.

Website

https://awashinsurance.com

Company type

Private

Founded year

1994

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Awash Insurance S.C., founded in 1994, is Ethiopia's largest private multi-line insurer offering general, life, health, travel, and Salaam Takaful insurance to corporate and retail customers across 71+ branches nationwide.

Ownership category

akta.pro rank

Product category

Multi-line Insurance Services

NAICS

Insurance Carriers (5241), Direct Life, Health, and Medical Insurance Carriers (52411), Direct Insurance (except Life, Health, and Medical) Carriers (52412)

SIC

Insurance Carriers, Nec (6399), Fire, Marine & Casualty Insurance (6331), Life Insurance (6311)

akta.pro primary industry

Universal Life (UL) Insurance (FSAIABAB)

Keywords

• General insurance services
• Life and health insurance
• Sharia-compliant takaful
• Travel insurance
• Corporate risk insurance

Headquarters

HQ city

Addis Ababa

HQ country

Ethiopia

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Supply Chain

Revenue model

1. General (Non-Life) Insurance Premiums: Collection of insurance premiums from diverse non-life insurance products including motor, fire, burglary, marine, engineering, and liability coverage
2. Life and Health Insurance Premiums: Term life, endowment, and whole life insurance premium collection with long-term policy structures
3. Salaam Takaful (Sharia-compliant) Premiums: Sharia-compliant insurance contributions for motor, fire, inland transit, and other general insurance products under Islamic finance principles

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels6 records

Core offering

Awash Insurance is a multi-line private insurance company that underwrites and distributes General (Non-Life) Insurance, Life and Health Insurance, Travel Insurance, and Salaam Takaful (Sharia-compliant) products to both corporate and individual customers across Ethiopia. The company earns revenue primarily through annual insurance premiums and investment returns on reserves, supported by reinsurance arrangements with Munich Re and Africa Re.

Product overview

Awash Insurance operates as a multi-line insurance provider offering three core business segments: General Insurance (Non-Life), Life and Health Insurance, and Salaam Takaful. The General Insurance segment provides comprehensive coverage across motor, property, liability, marine, engineering, and specialty lines including workers compensation, bonds, and political violence insurance. The Life and Health Insurance segment offers term life, endowment, and whole life assurance products with protection and savings components. The Salaam Takaful window, authorized by the National Bank of Ethiopia, provides Sharia-compliant alternatives across most general insurance lines including motor, fire, marine, and personal accident coverage. The company distributes through 71 branches, over 300 agents, and digital channels including mobile applications.

Differentiator

Problem solved

Functional benefit

Brands

• Salaam Takaful: Sharia-compliant insurance products and services offered by Awash Insurance, endorsed and authorized by the National Bank of Ethiopia. Includes Motor Takaful, Fire & Lightning Takaful, Inland Transit Takaful, Carrier's Liability Takaful, Burglary & Housebreaking Takaful, Marine Cargo Takaful, Workmen's Compensation Takaful, Personal and Group Personal Accident Takaful, Plate Glass Takaful, Consequential Loss Takaful, All Risks Takaful, Engineering Policies, Product Liability Takaful, Money Takaful, Fidelity Guarantee Takaful, Professional Indemnity Takaful, Political Violence and Terrorism (PVT), Floriculture Takaful, and Bonds Insurance.

Products and services

• General Insurance Non-life insurance covering motor vehicles, property, liability, and business risks including fire, burglary, marine, engineering, and workers compensation. Sold to both corporate/enterprise customers and individual consumers through branches, agents, and digital channels.
• Life and Health Insurance Long-term life assurance products including term life, endowment, and whole life policies providing protection and savings benefits for individuals and families.
• Salaam Takaful Sharia-compliant insurance products operating on mutual cooperation and solidarity principles, endorsed by the National Bank of Ethiopia. Covers motor, fire, inland transit, marine cargo, workmen's compensation, personal accident, and various other Takaful lines for Muslim individuals and businesses.
• Travel Insurance Travel protection covering geographical regions including Africa, Asia, Israel, Europe, and worldwide, including student travel plans for education-focused coverage. Includes digital travel insurance integrated into Ethiopian Airlines' passenger journey through a mobile application.

Quantifiable outcome

• Record-breaking 4.5+ billion ETB gross written premium in FY 2024/25
• +2 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

13 partnerships are on record, tiered core, strategic, minor and supporting.

• Ethiopian Airlines GroupcoreStrategic or Co-development Partner · 1 January 2025Strategic partnership announced in January 2025 to provide digital travel insurance solutions integrated directly into the Ethiopian Airlines passenger journey. This collaboration aims to bring convenience, confidence, and peace of mind to travelers at every touch point, setting new standards in customer experience, innovation, and value-added services across the aviation and insurance industries.
• Safaricom M-PESA EthiopiastrategicTechnology or Integration · 1 January 2025Partnership to enhance digital payment solutions for insurance services. The company is working with Safaricom Ethiopia to provide customers with diverse payment alternatives through mobile money solutions.
• Awash BankcoreStrategic or Co-development PartnerAwash Bank serves as the principal banker and Awash Insurance is the leading shareholder in the bank. This sister-company relationship provides strong business synergies and cross-selling opportunities.
• Munich RecoreOthersLeading reinsurance partner with A+ rating from S&P, providing treaty reinsurance protection as part of the company's highly dependable reinsurance program.
• Africa RecoreOthersAfrican reinsurance partner with A rating from A.M. Best, providing treaty reinsurance support as part of the company's comprehensive reinsurance arrangement.
• United Bank S.C.minorChannel Partner/ Reseller/ DistributorOne of the major banking partners through which the company conducts business transactions and potentially distributes insurance products.
• Dashen BankminorChannel Partner/ Reseller/ DistributorOne of the major banking partners for business operations and potential insurance distribution.
• Commercial Bank of EthiopiaminorChannel Partner/ Reseller/ DistributorOne of the major banking partners through which the company conducts banking operations.
• Afro AsiansupportingOthersReinsurance broker providing market access and reinsurance placement services.
• NascosupportingOthersReinsurance broker providing reinsurance placement and advisory services.
• Fair Insurance & ReinsurancesupportingOthersReinsurance broker providing insurance and reinsurance placement services.
• APEXsupportingOthersReinsurance broker providing reinsurance placement services.
• Genesis Risk ManagerssupportingOthersReinsurance broker providing risk management and reinsurance placement services.

Scale indicators11 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• SanlamAllianz (Africa): Pan-African insurance and financial services group (Sanlam + Allianz joint venture) operating across multiple African markets including East Africa. Comparable to Awash as a broad multi-line insurer with general, life, and Takaful/Sharia-compliant offerings, but operating at much greater scale and geographic scope.
• AXA Africa (formerly African Reinsurance subsidiary): Global insurance group with growing presence in Africa including Ethiopia. Comparable to Awash in offering multi-line general and life insurance, but operates as a much larger diversified incumbent with global capital and reinsurance capabilities.

Direct peers

• Nile Insurance Company: Ethiopian private multi-line insurer offering general and life insurance. Direct head-to-head competitor to Awash in Ethiopia's private insurance market with similar product categories and distribution models.
• Berhan Insurance: Ethiopian private insurance company offering general insurance products. Competes directly with Awash in Ethiopia's private insurance sector for corporate and retail customers.
• Africa Insurance Company (Ethiopia): One of the pioneer private insurance companies in Ethiopia, operating across general and life insurance. Closely comparable to Awash in product mix, branch network structure, and target customer segments (corporate and retail).
• Ethiopian Insurance Corporation: Ethiopian state-owned insurer and the oldest insurance company in the country. Directly competes with Awash Insurance across general and life insurance lines for the same Ethiopian corporate and retail customers, but operates at a larger scale with government backing.
• Tana Insurance Company: Ethiopian private insurance company providing general and life insurance. Comparable to Awash in product offerings, customer segments, and Ethiopian market focus.
• Oromia Insurance Company: Ethiopian private insurer offering general and life insurance products with strong regional presence. Comparable to Awash in business model and target market, competing for the same corporate and government clients.
• United Insurance Company (Ethiopia): Ethiopian private insurer offering general and life insurance. Direct competitor to Awash in the Ethiopian market with overlapping product portfolio and similar distribution through branches and agents.

Regional players

• Jubilee Insurance Company of Ethiopia: Subsidiary of Jubilee Holdings (Pan-African insurance group with presence across East Africa). Operates in Ethiopia with similar multi-line product offering; comparable as a regional multi-line insurer competing for the same corporate and individual customers in Ethiopia.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Customer concentration

• Facebookfacebook.com/AwashInsuranceCompany
• LinkedInlinkedin.com/company/awashinsurance

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Awash Insurance