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Insurance companies to provide insurance coverage for Properties that will be damaged by unrest

The National Bank of Ethiopia has a plan to amend the insurance policy for the purpose of providing insurance coverage for companies which are vulnerable for unrest.

In the previous time there is no insurance coverage for properties damaged by demonstration. Therefore, to solve this problem amending the insurance policy by incorporating insurance coverage for properties damaged by fire, theft and unrest is required.

The initial point of this amendment is the demonstration undertaken in the country starting from 2008 E.C. By this demonstration some company’s property is damaged and the government is forced to give compensation for the damage.

Besides, to rehabilitate the damaged companies, currently the government is providing some incentive packages like one year income tax holiday and importation of machineries without paying customs duty.