Most buildings in Addis Ababa lack insurance coverage as the risk of earthquakes increases

Ethiopia has recently witnessed increased seismic activity, as an earthquake originating from the Awash region made its way to Addis Ababa, leaving many buildings and structures in a vulnerable state. The earthquake raised alarm bells about the lack of adequate insurance coverage for buildings, especially in Ethiopia's fast-growing urban centers such as Addis Ababa. While downtown high-rise buildings may be the target of insurance products, a large number of properties across the country remain uninsured, leaving them vulnerable to natural disasters such as earthquakes, fires and other potential risks.

During a press conference marking the 30th anniversary of Hebrit Insurance, CEO Meseret Bzabieh expressed concern about this coverage gap. She added: “Although there are different products targeting giant buildings in the heart of the city, most buildings in Ethiopia, specifically in Addis Ababa, lack insurance coverage, even in the wake of the recent earthquakes from Awash which were also felt in the city.” He said.

Adding urgency to the matter, Executive Vice President Tesfaye Desta highlighted insurance concerns in the city. “In the past, conflicts in the city led to the demolition of many buildings, with the government stepping in to cover costs for investors. However, the government has now made it clear that it will not bear responsibility next time.” This shift in responsibility means that property owners are left to bear the financial burden in the event of a disaster.

In response to these challenges, Hebrit Insurance has introduced a series of products designed to address the coverage gap, with a particular focus on earthquakes, fires and other potential risks faced by Ethiopian buildings. However, despite these innovative products, the Executive Vice President expressed frustration with their low uptake. “Earthquake insurance is part of a broader offer that includes fire insurance and other critical coverage. Despite the increased risks, many of these products are not selling as well as expected,” Tesfaye said.

Hibret Insurance Company SC is set to celebrate 30 years of success in the insurance industry in Ethiopia on November 14, 2024. Since its establishment in 1994, the company has grown from a single office in Addis Ababa to a leading national company offering innovative products and maintaining commitment Customer satisfaction, gender equality and financial stability. Known for its pioneering initiatives such as Life Insurance in 1997 and Family Funeral Insurance Scheme in 2014, Hibret has continuously adapted to the evolving needs of the Ethiopian market. The appointment of the first woman to the position of CEO in 2011 and the recent launch of Takaful insurance reflect its focus on inclusivity and innovation. With impressive financial results and a strong focus on digital transformation and corporate social responsibility, Hibret Insurance is poised to continue leading the insurance sector in Ethiopia as it marks this important milestone.

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