Highlights of NICE Sh.Co.
Our Vision
Senior Management
Organizational Chart
Corporation Staff
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Background of NICE Sh. Co.
The National Insurance Corporation of Eritrea (NICE) was created as an autonomous public enterprise having separate judicial personality, through Government Proclamation No. 20/1992 in 1992 to:
1. Engage in all classes of insurance business;
2. Ensure the population understands the benefits of insurance;
3. Ensure insurance services are made available to the public; and
4. Promote efficient utilization of both material and financial insurance resources.
The Corporation was transformed into a Company Limited by shares by Proclamation NO. 144/2004 which repealed proclamation No. 20/1992.
As 50% of the shares owned by Government of Eritrea have been successfully sold to Eritrean investors, NICE Sh. Co. is now owned by more than 1,600 Eritrean share holders.
The Company has full-fledged insurance facilities and can provide all insurance services required by individuals and companies. Currently, all insurance policies, by law, covering persons or assets within the state of Eritrea, must be underwritten through NICE Sh. Co.
The share capital of the NICE Sh.Co. as on date is Nfa. 22,475,000.
Corporate vision of NICE Sh.Co.
The NICE Sh. Co. has the following corporate vision and mission.
Vision
To provide leadership in developing the social and economic foundation of Eritrea through the provision of risk management products and services to individuals and companies operating within the country.
Mission
The NICE Sh. Co. has the following missions in its bid to continually achieve its vision:
1. To build shareholder value:
a) Through the continued expansion of the company’s affordable services and products so as to enhance clients’ awareness and ability to manage risk in their daily lives;
b) Through market orientation in understanding and meeting clients’ needs so as to establish and maintain strong long-term client relationship; and
c) Through the efficient management of resources to increase profitability while mitigating risks so as to build upon its strong capital foundation.
2. To promote best practices in the industry including the introduction of a regulatory body.
3. To continually enhance staff commitment and welfare through training and internal promotion.
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