index based livestock insurance oromiya insurance company's related produnts
DESCRIPTION
Presented by Mitiku Abdissa at the Workshop on Developing Index-Based Livestock Insurance to Reduce Vulnerability due to Drought-related Livestock Deaths, ILRI, Addis Ababa, Ethiopia, 12 July 2010.TRANSCRIPT
Index Based Livestock Insurance: Oromiya Insurance Company’s related products
Mitiku Abdissa
Workshop on Developing Index-Based Livestock Insurance to Reduce Vulnerability due to
Drought-related Livestock Deaths ILRI, Addis Ababa, Ethiopia
12 July 2010
Oromia Insurance Company (S.C)
Establishment ------- 26 January 2009.
Vision
To be a leading insurer
MissionBuilding long-term beneficial relationship with its
stakeholders and other business partnersEmploying, developing and retaining highly
motivated professional team of employees that add value to the company and its customers
Building profitability and financial strength suitable to be a lead insurer
Practicing fair business ethics and values
Core Values
Respect the public in general and the customer in particular
Believe in all dealings to be friendly and courteous, as well as fair and compassionate
A sense of urgency on any matters related to customers.
Customer-drivenBelieve in change and dynamism.Peruse proactive attitudeWe are against corruption, conflict of interest and
any forbidden conductCarry out duties and responsibilities in
transparent and accountable ways
CapitalAuthorized Capital Birr---------- 200 million
Subscribed capital Birr -----------85 million
Paid up capital Birr ---------------30 million
Number of Shareholders ----------540
Co-operative Unions who are Share holder founders of OIC
Unions : 34Primary Coop. : 1,665Members
Male : 1,170,696 Female : 97,850
Total : 1,268.546
Share of unions‘ in oromia insurance
Subscriber share : Birr 14.4million Paid up Share : Birr 3.637million
Unions share of paid-up capital can establish an independent General Insurance Company
Activities made so far
Union Forum in Adama, Jimma July 2009 – Seminars - Ambo, Woliso, Selalle Meki-
BatuSponsorships - Adama, Federation MetingUnions Day at Adama -Convincing community leaders and
government officials around the area.Preparing distribution channels and
intermediaries/partners around the project area.
Stakeholders engagement
Branch Locations
OIC Ambo - Ambo Farmers Cooperation Union
OIC, Adama - East ShoaWoliso - South, Western Shashemene – SouthernHawassa - Pastoralist
Communication with PartnersElders and Community Leaders in Gujii and BorenaDairy Farmers – Adaa and SelaleGovernment BodiesNon-Shareholder Unions engaged in LivestockNGO’s in Yabello Area Survey to update channels in Borena and Guji
ZoneLivestock Marketers Banks - Cooperative Bank of Oromia in Bulle Hora
and Oromia International Bank Yabello Branches- Banc assurance.
Communication ContinueCooperative Promotion BureauOromia Pastoralists Area Development
Commission
Stakeholders engagement
The area of our work that related to IBLIWe are on the process of insuring livestock
and crops e.g Adea and Salele.
We have a network with pastoralist and related partners and made a week assessment around the Borena and Gujji Zone.
We have convinced community leaders and government organization about the livestock insurance
Area of work - ContinuationWe have selected the best distribution
channels and intermediaries.
Our banks around Borena and Guji are the only banks closely working with pastoralists
Our company is partly owned by Government, so every gov’t structure will work with us with no cost and language barriers.
Index Based Livestock Insurance may interact with our project in the following ways:
Experience sharingIndex facilitatingProviding materials and information for IBLI
7. ChallengesConvincing pastoralist
Sustainability of the project
Ownership of the project for long-period of time
InfrastructureCommunicationCulture
Thank you!