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Nyala Insurance Pays out Birr 10.7 million for property damage, business interruption insurance

Addis Ababa (March 20, 2019) - Nyala Insurance S.C (NISCO) paid Birr 10.7 million on compensation claims to Dangote Industries (Ethiopia) Plc for the failure of its conveyor belt and the subsequent business interruptions that occurred on 15th November 2018.

NISCO comes to settle the claim as per the insurance policy cover for assets all risks, machinery breakdown and business interruptions of the client.   

The payment was effected in the presence of NISCO’s CEO, management team members and the representatives of Dangote Industries (Ethiopia) Plc on 20th March 2019 at NISCO’s Headquarter.

NISCO’s CEO, Management Members and Dangote’s Representatives

Upon delivering the check (an amount of Birr 10,737,269.05), Yared Mola, Chief Executive Officer of Nyala Insurance, said that insurance claims are moments of truths when the insurer’s integrity is realized; in this regard, by settling such claims Nyala Insurance attests it can be trusted by its honored customers.

He also underlined that apart from its readiness to settle claims on time, NISCO regularly provides effective risk management and safety trainings that are very helpful to ensure the customers’ business welfare.     

Similarly, representative of Dangote Cement Ethiopia thanked NISCO and its management for the prompt responses and attributed that Nyala Insurance is said to be the right insurer at time of such losses, and added, Dangote Industries (Ethiopia) Plc is ready to enhance its business relations.

NISCO is one of the best performing companies in the Ethiopian insurance industry running over 45 branches throughout the nation.


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