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The National Insurance Corporation of Eritrea Share Company (N.I.C.E Sh.Co.) currently underwrites life and non-life classes of insurance including: Motor, Fire, Accident, Livestock, Engineering, Marine, and Aviation. A brief description of each insurance product follows.

Motor Insurance

The minimum requirement is to provide insurance in respect of legal liability to pay damages for bodily injury and property damage.
Policies with various levels of cover are available at NICE Sh.Co:

• Third Party only: provides cover in respect of liability incurred as a result of death or injury to a third party, or damage to third party property as per Eritrean Proclamation No.119/2002 - Compulsory Motor Vehicle Third Party and Fare Paying Public Transport Passengers Insurance Proclamation.

• Third party, fire and theft: provides cover as above and in addition includes cover for damage to the vehicle from fire or theft.

• Own damage policies provide coverage for damage to the insured vehicle and its accessories caused by collision, overturning, fire, theft.

Both third party and own damage policies are available as "Private" and "Commercial" policies.

Fire Insurance

The basic intention of the fire policy is to provide compensation to the insured in the event of damage to the property insured.  The standard fire & lightning policy covers damage to property caused by fire, lighting or explosion, (explosion caused by gas or electric boilers used for domestic use).

However, property can be damaged by other means and to meet this need a number of special perils are provided by NICE Sh.Co policy. These include:

• Storm, tempest and flood;

• Bursting or overflowing of water apparatus;

• Earthquake;

• Bush fire;

• Impact damage;

• Spontaneous combustion;

• Subsidence and/or collapse;

• Strike, riot and malicious damage and/or Other types of explosions.

For commercial enterprises, NICE Sh.Co provides fire insurance for building, machinery & plant, stock and household goods, etc.

• The Corporation does NOT cover damage/liability in connection to terrorism and war.

Accident Insurance

a) Burglary Housebreaking
This policy has a similar aim as the fire standard policy. It intends to provide compensation to the insured in the event of loss of the insured property. Within the meaning of the policy, burglary shall mean to include forcible entry to or exit from the premises.

b) Fidelity Guarantee:
The object is to provide insurance against loss caused by the dishonesty of persons holding positions of trust.

c) Personal Accident/Group Personal Accident:
This provides compensation in the event of an accident causing death or injury, permanent total disablement (PTD), temporary total disablement (TTD) and medical expenses.

d) Workmen’s Compensation
NICE Sh.Co underwrites workmen’s compensation policies for businesses. The policy covers the liability of the employer against bodily injury to employees whilst performing the work of the employer.

e) Money
The policy compensates the insured in the event of money been stolen from the insured’s home or business premises, or while being carried to or from the bank, in safe, and/or other transits.

f) Plate Glass
This covers the accidental breakage of plate glass windows and doors.

g) All Risks
This provides cover for expensive property, lost or damaged by accident, which is not specifically excluded.

h) Goods in Transit
This provides compensation to the owner of goods if they are damaged or lost in transit.

i) Liability Insurance

• Professional Indemnity: covers the liability of professional people against claims for damage or financial loss allegedly due to their negligence, errors or omissions that may result in damages being awarded against them.

• Public Liability: Liability may arise out of the ownership of a house or business premises, out of social activities because every individual owes a duty to their neighbor or visitor not to cause them injury or damage to their property.

• Product Liability: provides cover against liabilities due to goods manufactured, supplied or sold.

Livestock Insurance

In recognizing the importance of the agricultural sector to Eritrea; NICE Sh.Co offers a Livestock insurance policy, covering injury and/or death of livestock due to the following:

• Accidental illness, disease or epidemic;

• Permanent total disability of the animal; and

• Emergency slaughter of the animal on grounds of necessity on the advice of a qualified veterinary surgeon as a result of accident, illness or epidemic

NICE plans to extend its business in the agricultural sector in the future to include:

• Indemnifying farmers against any unforeseen losses;

• Provision of products already available in urban areas to those in rural areas; and

• Providing cover for agricultural loans granted by banks and other financial institutions.

Engineering (all risks basis)

The cover intends to provide compensation to the insured in the event of loss or damage to the property insured and the liability of the insured depending on the type of the policy as follows:

• Contractor’s All Risks (CAR) Insurance:
  This policy provides cover for every hazard that is not specifically excluded. It offers protection against loss or damage in respect of contract works and third party claims in respect of property damage or bodily injury in connection with the construction project.

• Erection All Risks (EAR) policy:
  Provides cover against all site risks involved in the erection of plant and machinery and steel structures of any kind as well as third party claims in respect of property damage and bodily injury in connection with and erection project.

• Contractors Plant Machinery:
  Provides cover for plant and machinery whether in use, idle or being dismantled, in the course of operations, following successful commissioning of the construction project.

• Machinery breakdown policy:
  Provides cover against unforeseen & sudden physical loss or damage from various perils not specifically excluded.

• Boiler explosion cover:
  Provides cover against explosion, collapse or damage to boiler and surrounding property of the insured by pressure vessels. It also provides cover for liability for death or bodily injury and property damage to third parties.

Bonds

NICE Sh.Co also offers bonds to cover financial obligations that may arise in connection with construction works and other activities:

• Bid bond: makes a payment to the holder, should the principal fail to enter into a contract to provide work and materials within the period specified and at the prices offered by the bid accepted;

• Performance bond: makes a payment to the holder should a contractor fail to perform their obligations as agreed under a contract entered into;

• Advance payment bond: makes a payment to the holder should a contractor default from their obligations following payment of an advance payment; and

• Other bond: retention bond, customs bond, supply bond, maintenance bond

Medical Care Insurance

Wina Medical Insurance provides cover for the policyholder and their dependents against hospitalization expenses arising from medical or surgical treatment for any disease or bodily injury.
NICE Sh.Co will either pay the hospitalization expenses directly to the doctor or will reimburse the policyholder for the hospitalization expenses, provided proper receipts are provided.
Benefits are only paid if:

• Patient is treated as an in-patient;

• Patient is treated upon the advice of a qualified physician

• Hospitalization takes place inside Eritrea; and

• Illness or injury occurs after the policy is issued

The policy also covers pre-hospitalization medical expenses if they result in policyholder’s admission as an inpatient and post-hospitalization expenses for medication.

All applicants above the age of 50 years must undergo a medical examination prior to approval of their application.

If no claim is made for four consecutive years the sum insured will be increased by a certain percentage and the policyholder will be entitled to a free health checkup to the value of 10% of the increased sum insured.

Marine

Marine policies cover risk associated with ‘perils of the sea’. Policies are available for Marine hull (shipping boats, pleasure boats, tankers, etc.) and Marine cargo (includes freight).

Aviation

NICE Sh.Co insures hull damage including risks associated with war. The cover also includes liability of the aircraft, passengers and third party legal liabilities.

Life

Life insurance policies provide for compensation upon death of a policyholder and can also be taken out as a medium for savings. Life insurance is available in various kinds:

• Term Assurance: provides for payment of the sum assured on death, provided death occurs within a specified period;

• Whole life Assurance: The sum assured is payable on the death of the life assured whenever it occurs;

• Endowment Assurance:The sum assured is payable in the event of death within a specified period of years.  However, if the life assured survives the sum assured will also be paid;

• Yearly renewable term (YRT); and

• Modified group term (MGT).

Actuarial Valuation

The main purpose of undertaking an actuarial valuation of the life insurance portfolio of an insurance company is to establish if the Life Fund is solvent at the valuation date.  Other reasons for carrying out actuarial valuations are: to assess the progress of the Life Fund since the last valuation; to determine the basis of distributing any surplus between shareholders and policyholders; and to meet statutory needs.  The most recent actuarial valuation is available for inspection.