Insurance in Eritrea

NICE was established under Proclamation No. 20/1992 and later converted and privatized as a share company under Proclamation No. 144/2004. Its headquarters are in Asmara, with documented branches in Massawa and Assab, and it reports national coverage. No reliable evidence of additional licensed insurers, brokers or local reinsurers, and no current public insurance register, was located, so the commercial market appears highly concentrated. Proclamation No. 119/2002 provides the identified compulsory motor framework. Commercial vehicles require insurance, and the framework also covers third-party motor liability and passengers in fare-paying public transport. The insurance disc or sticker and certificate are used during annual registration or inspection. NICE is the documented issuer for this compulsory cover. Motor policies can also offer broader protection, including third-party liability with fire and theft or own-damage cover, depending on the contract. For workplace accidents and occupational disease, Labour Proclamation No. 118/2001 places compensation liability on the employer. Workmen’s Compensation Insurance is available through NICE, but the employer’s statutory compensation responsibility remains relevant even when no insurance has been arranged. The identified statutory formulas provide six times annual wages for permanent total disability, the disability percentage multiplied by six times annual wages for permanent partial disability, and five times annual wages for death, subject to a minimum death benefit of ERN 15,000. These benefits are tax-exempt according to the available research. Eritrea also has statutory schemes separate from NICE, including the National Pension Scheme under Proclamation No. 135/2003, the Public Sector Pension Scheme under Proclamation No. 136/2003 and the Martyrs’ Survivors Benefit Scheme under Proclamation No. 137/2003. Current public evidence is insufficient to describe their enrollment, contribution and claim procedures in detail. NICE’s documented private and commercial products include term life, group life term assurance, endowment, money-back and children’s policies. Group benefits can include death, accidental death, permanent total disability, funeral costs and a critical-illness accelerator; NICE states that group members do not undergo a medical examination. Non-life products include property and fire insurance, general accident, engineering, marine, aviation, liability, bonds, livestock and travel cover. Property policies can cover fire, lightning and explosion, with optional protection for risks such as storm, flood, water damage, earthquake, bush fire, impact, subsidence, riot, malicious damage and business interruption. War and terrorism are among the listed exclusions. Business customers may also encounter professional, public and product liability, goods-in-transit, construction, machinery, electronic-equipment and contract-bond products. NICE’s Wina Medical Insurance is a private individual or group policy. Its documented benefits include inpatient treatment by a qualified physician, hospitalisation inside Eritrea, pre- and post-hospitalisation care and ambulance services. Medical treatment itself belongs primarily to the health topic; here, the relevant point is how the private insurance contract finances defined medical risks. Taking out cover normally starts with a proposal form and an underwriting review, meaning an assessment of the applicant’s risk and requested protection. The issuing office should confirm the policy wording, insured sum, covered events, exclusions, deductible, premium and contract term. Documented payment channels are cash, cheque and bank transfer. No reliable evidence was located for online purchase, an independent broker channel or direct access to a foreign insurer. Public tariff or premium schedules were not located. Prices therefore depend on the risk, insured sum, covered peril, deductible and policy terms; the Eritrean nakfa (ERN) is the primary currency, although some 2023 NICE financial-statement receivables in aviation and mining were partly denominated in US dollars. A claim should be reported immediately in writing to the policy-issuing office. A police report is required for documented cases involving a collision, theft, third-party injury or death, or third-party property damage. Useful records can include the traffic or police report, photographs, a death certificate and a court document identifying legal heirs. Delay can prejudice or defeat liability under the policy. Settlement depends on the type and extent of loss, the available evidence, communication and the policy wording. No statutory claims deadline, ombudsman or independent appeal channel was established by the available research. Cancellation, switching, transfer, cooling-off periods, refunds and portability of no-claims benefits are not standardized in the public evidence located. The policy contract and direct clarification from NICE therefore matter before a customer changes or terminates cover. Reinsurance transfers part of an insurer’s risk to another institution; it does not replace the customer’s contract with NICE. NICE’s 2023 financial statements reported gross premiums of ERN 270,700,416, ceded premiums of ERN 94,870,254, net premiums of ERN 168,032,332 and gross claims paid of ERN 44,466,370. The same statements reported technical provisions of ERN 112,398,922, with non-life provisions substantially larger than life provisions.