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Insurance companies in the country are raising premiums on Toyota models Vitz and Yaris as well as on Chinese-made Sinotruks, The Reporter has learnt.
These set of vehicles are blamed for being involved in an increasing number of accidents, forcing insurers to dole out huge sums in insurance payments, thereby affecting their bottom lines.
Out of a total of 17 insurance companies regulated by the National Bank of Ethiopia (NBE), some even went so far as complaining that accidents caused by the afore-stated vehicles have caused them to sustain loss in their auto insurance business.
Nyala, Awash and Africa insurance companies have already implemented the new measures since January this year by raising premiums on both Vitz and Yaris twofold and threefold on Sinotruks.
Meanwhile, Berhan, Bunna, Lucy, Nib and others have begun implementing similar measures. Other insurers such as United, Global, National and Ethio-Life are revising their premium rates.
However, Oromia Insurance Company has not made any new revisions this year, but did so the previous year, sources told The Reporter.
The Reporter’s attempts to reach the president of insurance companies’ association (who is also the president of Abay Insurance) have not been successful.