By submitting this form, you are agreeing to the Terms of Use and Privacy Policy.
Motor insurance covers cars, trucks, motorbikes, and other types of road vehicles. It is often referred to as auto insurance, vehicle insurance, or car insurance. Its main purpose is to offer financial security against property loss or personal injury brought on by auto accidents, as well as against liability that can emerge from related events.
Car insurance may also provide financial security against vehicle theft, damage from incidents other than collisions with moving traffic, weather-related or natural disaster-related occurrences, and damage from collisions with stationary objects.
The specifics of auto insurance differ depending on local legal requirements.Once a automobile reservation is complete, the car dealer will advise customers to purchase an insurance coverage that will safeguard not only one and their car but also your family. One is shielded from any type of property or personal damage by your car insurance, which serves as a defensive armour.
Additionally, comprehensive coverage offered by auto insurance packages protects their vehicle from all risks, such as natural disasters like earthquakes and floods, theft, damage, and accidents.
The Ethiopia motor insurance market accounted for $XX Billion in 2023 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2024 to 2030.
Insurance is a highly effective method for measuring, managing, and minimising risk; it is about more than just compensating for loss. Insurance is a vital component of contemporary society and the driving experience since it enables customers to confront and manage risk efficiently. A contract between the insured and the insurance provider known as motor insurance safeguards against monetary loss.
The annual report from the insurance companies reveals that the Ethiopian motor insurance industry, which is underdeveloped compared to that of other African nations, is severely suffering from the higher motor claims as a result of an increase in the cost of materials and compensation for the victims.
The motor insurance industry (MII) is involved in the management of road safety (RSM). The financial and promotion roles were not aggressively being played as they should have been. Exclusion from road safety advocacy committees and a lack of excitement were found to be barriers to active participation in road safety. Among other things, an increase in traffic accidents that led to an increase in claims was indicated as the motivating force to involve in road safety management.
The motor insurance industry should be acknowledged for its significant contribution to minimising traffic accidents by assisting with road safety management. As a result, the Motor Insurance Industry should be represented on the National Road Safety Advocacy Committee (NRSAC), and it should advocate, allocate funding, and inform everyone in order to benefit itself.
