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Nyala Insurance Pays Birr 19 million for fire damage insurance

Addis Ababa (February 15, 2018) - Nyala Insurance S.C (NISCO) paid   Birr 18.9 million on compensation claims for three corporate customers (Modern Building Industries PLC, AMAGA and Dana Trading PLC)  for loss and damages caused by fire.

NISCO’s Yared Mola presented a check for 7,416,799 to Modern Building Industries PLC (MBI) on 15th February 2018 who lost machineries, laboratory equipment, material stocks and products in fire.

NISCO’s CEO, Senior Management Members and Representatives of MBI

AMAGA PLC and Dana Trading PLC also received checks for Birr 5.2 million and Birr 6.3 million, respectively, against losses and damages on their respective properties.


Yared said claim payments are a moment of truth when the insurer’s credibility is really tested and Nyala Insurance by settling these claims it has proved it can be trusted by its esteemed customers.

He also underlined that apart from handling claims on time, NISCO regularly provides effective risk management and safety trainings that are vital to ensure its customers’ business continuity.     

Similarly, representatives of the respective companies thanked NISCO and its management for the prompt responses and attributed that Nyala Insurance is said to be a right business partner at time of such big losses, and added, they are very committed to enhance their business relations.

It is to be recalled that NISCO paid out Birr 28.7 million to MBI suffering from same root causes two years ago.    

NISCO is one of the best performing companies in the Ethiopian insurance industry operating 45 branches throughout the country.