Agency to amend payment for third-party insurance coverage

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Addis Ababa, 5 September 2014 (WIC) -The Insurance Fund Administration Agency (IFAA) said it has conducted a study to improve the amount of money vehicle owners pay to get third-party insurance coverage.

The amendment was made taking into account the current price for medical treatments and other compensation for the victims, public relations coordination head at IFAA, Zewdu Wondim, told WIC recently.

Some 360,000 vehicle got third-party insurance coverage last Ethiopian fiscal year. The plan was to provide the coverage for 400,000-800,000 vehicles, he said.

According to Zewdu, insurance companies have paid 68 million birr, while the agency provided over 886,000 birr in compensation for injuries and death occurred the same period.

The Ethiopian Insurance Fund Administration Agency (IFAA) was instituted in 2008.

IFAA has the vision to alleviate the social and economic hardship imposed on members of the society as a result of bodily injury, death and property damage arising from road vehicle accidents.