Nyala Insurance capital exceeds 2 billion birr amidst regulatory shifts

Nyala Insurance S.C. has announced that its paid-up capital has surpassed 2 billion birr, with total assets exceeding 7 billion birr, as the company marks its 30th anniversary. CEO Yared Molla (PhD) noted that the insurer has expanded its capital base by more than 285 times since its establishment. During the event, officials from the National Bank of Ethiopia (NBE) revealed plans to establish a separate regulatory authority specifically for the insurance sector to enhance oversight and market competition.

This proposed regulatory shift marks a potential change from the current system where the central bank supervises both banks and insurers. Alongside the financial disclosures, Nyala introduced a new corporate identity, 'NISCO Reimagined,' and outlined plans to focus on digital system expansion and improved claims settlement. The company operates over 50 customer service centres nationwide and aims to further streamline operations, though specific financial targets for the digital transformation were not disclosed.