Index Based Livestock Insurance Oromiya insurance company's related produnts
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Index Based Livestock Insurance Oromiya insurance company's related produnts

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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.

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.

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Index Based Livestock Insurance Oromiya insurance company's related produnts Index Based Livestock Insurance Oromiya insurance company's related produnts Presentation 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
  • Mission
    Building long-term beneficial relationship with its stakeholders and other business partners
    Employing, 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-driven
    Believe in change and dynamism.
    Peruse proactive attitude
    We are against corruption, conflict of interest and any forbidden conduct
    Carry out duties and responsibilities in transparent and accountable ways
  • Capital
    Authorized 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 : 34
    • Primary Coop. : 1,665
    • Members
    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-Batu
    Sponsorships - Adama, Federation Meting
    Unions 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 Shoa
    Woliso - South, Western
    Shashemene – Southern
    Hawassa - Pastoralist
  • Communication with Partners
    • Elders and Community Leaders
    in Gujii and Borena
    • Dairy Farmers – Adaa and Selale
    • Government Bodies
    • Non-Shareholder Unions engaged in Livestock
    • NGO’s in Yabello
    • Area Survey to update channels in Borena and Guji Zone
    • Livestock Marketers
    • Banks - Cooperative Bank of Oromia in BulleHora and Oromia International Bank Yabello Branches- Banc assurance.
  • Communication Continue
    Cooperative Promotion Bureau
    Oromia Pastoralists Area Development Commission
  • Stakeholders engagement
  • The area of our work that related to IBLI
    We 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 - Continuation
    We 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 sharing
    Index facilitating
    Providing materials and information for IBLI
  • 7. Challenges
    Convincing pastoralist
    Sustainability of the project
    Ownership of the project for long-period of time
    Infrastructure
    Communication
    Culture
  • Thank you!