BUSI

NESSANDECONOMI
CS COLLEGE

ACCOUNTI
NGANDFI
NANCEDEPARTEMENT
RI
SKMANAGEMENTGROUPASSI
GHMENT
(TheInsur
anceBusi
nessOper
ati
onsi
nEt
hiopi
a:ACaseSt
udyofXI
nsur
ance
Companypr oj
ect
)

Gr
oupmember I
D

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UGR/7094/1
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Tabl
eofcont
ent
1
.Int
roduct
ion .
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.1

2.Revi
ewLi
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3

3.Resul
tandDeci
si
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4

3.
1Typesofi
nsur
ancepr
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.5

3.
2Under
wri
ti
ngpr
ocesses .
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6.

3.
3Cl
aimset
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.7

4. Summar
y andconcl
usi
on .
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5. Ref
erences .
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8
1
.INTRODUCTI
ON

AwashInsuranceCompanywasf oundedin1994andi twaslaunchedf oll

owingt he
li
ber
ali
zati
onoft hefinancialsectorinEthi
opi
a,maki ngi
toneoft hepioneerinsurance
compani
esi nthecountry.AwashI n sur
ancestandsonasol idfoundationwithitsr i
chly
uni
queanddi versecomposi ti
on,whichspeakstot hei
rabil
it
yt ounderstandcust omerneeds.
Theycontinuouslyrenewt heircommi t
menttoper fecti
ngthei
rser vi
cet owardsexcel lence
byensuri
ngt heseamlessdel i
veryofdi gi
tal
lyastutesoluti
onswi t
hahumant ouch.

Thei
rvisi
onistobetheleadingandmostdependabl einsur
erofchoice,andtheirmi
ssioni
s
toprovi
devalueandfi
nancialsecur
itythroughexcell
entcustomerservi
ce.Awash
I
nsur
ance'scoreval
uesi
ncludeagili
ty,winni
ngspi
ri
t,adaptabi
l
ity,soci
alresponsi
veness,
andharmony.

AwashI nsuranceist hel argestpr ivateinsureri nEthiopia,knownf orbr i

ngingbr andequit
y
andst abi
li
tyincust omer s' eyes .Theyof f
erabr oadr angeofi nsurancepr oductsand
services,i
ncludi
nggener al,long-term,traveli nsur
ance,andSal aamTakaf ulpr oducts,
tail
oredt oprovidehol isticcover .Thecompanypr ioriti
zesdist r
ibuti
onandaccess,en suri
ng
theyar efull
yaccessi bl ethr oughvar i
ouschannel s.Wi thover28year sofexper i
ence,
AwashI nsuranceprovi desadeeper ,i
mpact fulexper i
encet oallcust omer s.Theyhavean
engagedandwel l-
trainedwor kforcefocusedoncust omer-cent r
icser viceandof fera
diverseportfoli
oofi nsur ancepr oducts.Addi ti
onally,t hecompanyhasi nvest edin
digi
ti
zat i
onandaut omat iont omaket heiroff eri
ngsaccessi ble,ef fi
cient,andr eal-ti
me.

Theobj ecti
veofAwashI nsuranceCompanyi stopr ovidecompr ehensi
veandr el
iabl
e
i
nsuranceser vi
cest oindividuals ,busi
nesses ,andor ganizat i
onsinEt hi
opi
a.Thecompany
ai
mst oprotectitscli
ent sf r
omf inanci
alrisksbyof feringawi der angeofinsurance
products,i
ncludi
ngl i
fe,heal th,property,andl iabi
li
tyi nsurance.AwashI nsuranceCompany
stri
vest oupholdt hehighestst andardsofpr ofessi
onal ismandi ntegri
tyinalli
tsoper ati
ons,
whil
eal socont r
ibuti
ngt ot heeconomi cdevel opmentoft hecountrybypr omot i
ngacul t
ure
ofriskmanagementandf inancialsecurity.Addi ti
onally,t hecompanyi scommi ttedt o
providi
ngexcel l
entcust omerser vi
ceandbui l
dinglong- l
ast i
ngrelati
onshi
pswi thit
scl i
ents
basedont r
ustandt ranspar ency.

ThescopeofAwashI nsuranceCompanyencompassesawi derangeofi nsuranceproduct

s
andservicestail
oredt omeett hediverseneedsofi t scustomers.Thecompanyof fersa
comprehensivesuit
eofgener ali
nsur
ancepr oducts,incl
udingmot or,pr
operty,mari
ne,
li
abi
li
ty,andt r
avelinsuran
ce,t oprovi
def i
nancialprotectionagainstvari
ousr i
sksand
uncer
tainti
es.

Addit
ional
ly,AwashInsur
anceCompanyof fersspeci
ali
zedi
nsur
ancesol
uti
onsforsect
ors
suchasagricul
tur
e,constr
uct
ion,andheal
thcare,cat
eri
ngtotheuni
quer
equir
ementsof
di
ffer
enti
ndust
ries.

Furthermore,AwashI nsur anceCompanyext endsi tsscopebeyondt radi ti

onali nsurance
of feri
ngsbypr ovidingr i
skmanagementser vi
ces ,consult
ancy,andt rainingpr ogr amst ohel
p
businessesandi ndividualsmi ti
gatepotenti
alri
sksandenhancet heirresi l
ience.The
company' scommi tmentt oi nnovat
ionandcustomer -
centri
cappr oachenabl esitt o
cont i
nuouslyexpandi tss copeofser vi
cesandadaptt oevolvingmar ketdynami cs,
pos it
ioni
ngitselfasat rust edpart
nerinsafeguardingthef i
nancialwel l-beingofi ts
policyholders.Withast rongf ocusoncustomersat i
sfacti
onandval uecr eation,Awash
I
nsur anceCompany' sscopeencompassesahol isti
cappr oachtor iskmanagementand
financialpr
ot ecti
on,ensur ingpeaceofmi ndfori tscustomersinanever -changingwor l
d.

2.Li
ter
atur
eRevi
ew

AwashI ns
uranceCompanyi soneofthel eadi
nginsur
ancecompaniesinEt hi
opi
a,offeri
nga
widerangeofi nsur
anceproductsandservicestoindi
vidual
sandbusinesses.Thecompany
wasest abli
shedin1994andhassincegrownt obecomeapr omi
nentplayerintheEthiopi
an
i
nsurancemar ket.

I
nter msoff i
nanci
alperformance,AwashI
nsur
anceCompanyhasdemonst rat
edstabi
li
ty
andgr owthovert heyears.Thecompanyhasconsi
stent
lyr
eportedstrongfi
nanci
alr
esult
s,
i
ndicatingi
tsrobustbusi
nessmodelandeffect
iveri
skmanagementpracti
ces.

AwashI nsur
anceCompanyi sknownf oritscustomer-
cent
ricapproach,provi
ding
personali
zedservi
cesandt ai
l
or edi
nsurancesoluti
onstomeett hediverseneedsofi t
s
cli
ents.Thecompanyhasast rongreputationforit
spromptclai
msset tl
ementpr ocessand
effi
cientcustomerser
vice,whichhascont ri
but
edt oi
tshi
ghcust omersatisf
acti
onr ati
ngs.

Intermsofcorporatesocialresponsibi
li
ty,AwashI nsuranceCompanyi sacti
velyinvolved
i
nvar i
ouscommunitydevel opmentiniti
ati
ves,supportingeducat ion,healt
hcare,and
envir
onmentalconservati
onpr oject
s.Thecompan y'scommi t
mentt osoci alr
esponsibi
l
ity
hashelpedenhanceitsreputationandbuildtr
ustwi thst akeholders.

Overall
,AwashI nsur
anceCompanyi sr ecognizedforit
sstrongf i
nanci
alperformance,
customer-
centri
cappr oach,andcommi tmentt ocorpor
atesocialresponsi
bil
i
ty.While
academiclit
eraturespecif
ical
lyfocusedont hecompanymaybel imi
ted,furt
herresearch
coul
dexpl oretheimpactofAwashI nsuranceCompany'sbusinesspracti
cesont he
Ethi
opiani
nsuranceindustryanditsstakeholders.

3.Resul
tsandDi
scussi
on

3.
1Typeofi
nsur
ancepol
i
ciespr
ovi
ded

AwashInsur
anceCompanyi
saleadi
ngi
nsur
ancepr
ovi deri
nEthi
opi
a,offer
ingawiderange
ofi
nsur
anceproduct
stomeett
hediver
seneedsofindivi
dual
sandbusi
nesses.Oneofthe
keyinsur
ancepoli
ciesprovidedbyAwashInsur
anceCompanyi sMotorI
nsurance.This
pol
icyofferscomprehensi
vecover agef
orvehicles,pr
otect
ingagai
nstdamages,t hef
t,and
thi
rd-
partyli
abi
li
ti
es.Whet heryouownacar,truck,ormotorcycl
e,AwashInsurance
Company'sMotorInsur
ancepol i
cycanprovi
deyouwi t
hpeaceofmi ndonther oad.

HealthInsuranceisanotheri
mport
antofferi
ngfromAwashI nsuranceCompany.Their
healthinsur
ancepolici
escovermedicalexpenses,hospi
tal
izationcosts,andother
healthcare-
relatedexpenses.Wi
thri
si
nghealthcarecosts,havingar eli
abl
ehealth
i
nsurancepol icycanhelpyouandyourfamilyaccessqualitymedi calcarewi
thoutfi
nanci
al
str
ain.

PropertyInsuranceisessenti
alforsafeguardi
ngyourasset sagainstunforeseenrisks.
AwashI nsuranceCompany' sProper
tyInsurancepolicyprovidescoveragef orproper t
ies
suchasbui l
dings,homes,andcontentsagainstri
skslikefi
re,thef
t,andnat uraldi
sasters.
Whet heryouar eahomeownerorabusi nessowner ,prot
ect i
ngyourpr opertywith
i
nsurancecanpr ovi
definanci
alsecuri
tyintimesofneed.

TravelInsurancei sanothervaluabl
epr oductoffer
edbyAwashI nsuranceCompany.Thei r
tr
avelinsurancepol ici
esprovidecover ageformedicalemergenci
es,t r
ipcancell
ati
ons,l
ost
baggage,andot hertravel
-rel
atedrisks.Whetheryouar etr
aveli
ngf orbusi
nessorleisur
e,
havingtravelinsurancecanof ferprotecti
onandassistanceincaseofunf oreseenevents
duri
ngyourt r
ip.

Mari
neInsuranceiscrucialf
orbusinessesi nvolvedini
mport-exportacti
viti
esorshippi
ng
goodsint
ernat i
onal
ly.AwashInsur
anceCompany' sMari
neInsurancepolicycoversgoods
andcargotransportedbyseaorai ragainstrisksl
ikedamage,loss,ortheft.Thi
sinsur
ance
canhelpbusinessesmiti
gatefi
nanciallossesduet ounforeseenevent sduri
ng
tr
ansport
ation.

Li
abil
i
tyInsur
anceisdesi gnedtoprotecti ndi
vidualsandbusi
nessesagainstlegalli
abili
ti
es
ar
isi
ngfr
omt hir
d-partycl ai
ms.AwashI nsuranceCompany' sLi
abil
it
yInsurancepol i
cies
pr
ovidecoveragef orlegalexpenses,compensat ion,anddamagesincaseofl awsui
t sor
cl
aimsfi
l
edagai nstyouoryourbusi ness.

Engi
neeri
ngI nsurancei
stai
loredforconstruct
ionproject
s,machi
nery,andequipment.Thi
s
typeofins urancecoversr
isksli
kedamage,breakdowns,andaccidentsthatmayoccur
duri
ngcon structi
onoroperati
on.WithAwashI nsur
anceCompany'sEngineeri
ngInsur
ance
poli
cy,businessescanprot
ectt hei
rinvest
ment sandassetsagai
nstunforeseenevents.

Agricul
tureInsur
ancei sspeci
ficall
ydesignedf orfarmersandagr i
cul
turalbusinessest o
protectagainstrisksrel
atedtocr opf ai
l
ures,li
vestocklosses,andnaturaldisasters.
AwashI nsur
anceCompany' sAgricult
ureInsuranceproductsoffercover agef oragricul
tur
al
assetsandpr ovidef i
nanci
alsupporttof armersinti
mesofneed.
Thesear ejustaf ewexampl esoft hecompr ehensiveinsuranceproduct sof feredby
AwashI nsuranceCompany.Thei rcommi tmentt opr ovidi
ngqual i
tyinsurancesol uti
onsto
meetthedi verseneedsoft heircustomer smaket hemat rust
edpar tnerf orindivi
dual
sand
busi
nessesseekingreli
ableprotection.Formor einformationonAwashI nsurance
Company' si
nsuranceofferi
ngsandhowt heycanbenef i
tyou,pleasecont actt hemdir
ectl
y
orvisi
tt hei
rwebsitefordetail
edi nformation.

3.
2Under
wri
ti
ngPr
ocess

a.Ri
skEval
uat
ion

Theunderwri
ti
ngpr ocess ,i
ncl
udingri
skeval uati
on,i
sacr uci
alstepint
heinsur
ance
i
ndustr
yt hathel
psi nsurancecompaniesl i
keAwashI nsuranceCompanyassesstheri
sks
associ
atedwithinsuringapar t
iculari
ndivi
dual,busi
ness,orasset
.Hereisanovervi
ewof
theunderwri
ti
ngpr ocessandr iskevaluati
onconduct edbyAwashI nsur
anceCompany:

1
.Appl
i
cat
ionSubmi
ssi
on:Theunder
wri
ti
ngpr
oces
stypi
cal
lybegi
nswhenani
ndi
vidualor
busi
nesssubmit
sanappl i
cati
onforinsurancecoveragetoAwashI nsur
anceCompany.The
appl
icat
ionincl
udesdetail
edinf
ormat i
onaboutt heappli
cant
,suchaspersonaldet
ail
s,
busi
nessoperati
ons,assetst
obei nsured,andanyrelevantri
skfactor
s.

2.I
nfor
mat
ionGat
her
ing:Oncet
heappl
i
cat
ioni
srecei
ved,AwashI
nsur
anceCompany'
s
underwri
ter
sgatheraddi
t i
onali
nformati
ontoassessther i
skassociatedwithprovi
ding
i
nsurancecoverage.Thi
smayi ncl
udeconductingi
ntervi
ews,inspecti
ngproper
ties,
revi
ewingfi
nancialr
ecords,andanalyzi
nghi
stori
caldatarelat
edt oclai
msandl osses.

3.Ri
skAssessment
:Dur
ingt
her
iskasses
smentphase,under
wri
ter
satAwashI
nsur
ance
Companyeval uatevari
ousf actorstodetermi
nethelevelofriskassoci
atedwit
hinsur
ing
theappl
icant.Thi
smayi ncl
udeassessi ngt
heappl
icant'
spastinsurancecl
aimshi
stor
y,
credi
tworthi
ness,i
ndust
ryrisks,locat
ionofasset
s,andot herrel
evantfactor
sthatcould
i
mpactthel i
keli
hoodoff ut
ur el
osses.

4.Under
wri
ti
ngDeci
si
on:Basedont
hei
nfor
mat
iongat
her
edandr
iskassessment
conduct ed,AwashInsur
anceCompany'
sunderwri
ter
smakeanunder wri
ti
ngdeci
si
on
regardingwhet hert
oof f
eri
nsur
ancecoveragetotheappli
cant,thetermsandconditi
ons
oft hepolicy,andthepremi
umamounttobecharged.Thedecisionisbasedonbalanci
ng
ther i
skexposur ewitht
hecompany'
sunder
wr i
ti
nggui
deli
nesandpr ofi
tabi
li
tyobj
ect i
ves.

5.Pol
i
cyI
ssuance:I
ftheunder
wri
ti
ngdeci
si
oni
sfavor
abl
e,AwashI
nsur
anceCompany
i
ssuesaninsur
ancepolicyt
otheappli
cantoutli
ningthetermsandcondi
tionsofcoverage,
premi
umpayment s,pol
i
cyli
mit
s,andotherrel
evan tdetai
ls.Thepol
icyservesasalegal
contr
actbetweent hei
nsur
edandtheinsur
er,providi
ngprotecti
onagai
nstspeci
fi
edrisks.

6.Ongoi
ngMoni
tor
ing:Af
tert
hepol
i
cyi
sissued,AwashI
nsur
anceCompanycont
inuest
o
moni
tort
hei
nsur
ed'
sri
skpr
ofi
l
eandmayconductper
iodi
crevi
ewst
oassessanychanges
i
nr i
skexposur
e.Thi
songoi
ngmoni
tori
nghelpsensur
et hatthei
nsur
ancecover
ager
emai
ns
appropr
iat
eandadequat
elypr
otect
sagainstpotent
ialri
sks.

Allinall,t
heunder writi
ngprocessatAwashI nsuranceCompanyi nvolvesat horough
evaluationofr i
sks,carefulanal
ysisofappl icantinformation,andprudentdeci si
on-maki
ng
topr oviderel
iableinsurancecover aget ai
l
or edt ot heneedsofi ndi
vidualsandbusinesses.
Byf oll
owi ngastructuredunderwr i
tingprocess ,AwashI nsur
anceCompanyai msto
effectivelymanager iskswhileprovi di
ngqualit
yi nsurancesoluti
onstoi tscustomers.

b.Under
wri
ti
ngGui
del
i
nes

c.Pr
emi
umCal
cul
ati
on

Thepremi umcalculati
onprocessatAwashI nsur
anceCompany,l i
keot heri
nsur
ance
compani es,isacomplexanddet ai
ledprocedurethattakesintoaccountvar i
ousf act
orsto
determinet helevelofriskassoci
atedwithi
nsuri
ngapar ti
cularindi
vidualorent
ity.These
factorshel ptheinsur
ancecompanyas sesstheli
keli
hoodofacl aimbeingfil
edand
calcul
ateanappr opri
atepremiumamountthatrefl
ectsthisrisk.

Oneoft hekeyf actorsconsideredinthepr emi

umcal culationprocessi st hetypeof
i
nsurancecoveragebei ngpurchased.Differ
enttypesofi nsurancepolicies,suchasaut o
i
nsurance,pr
opertyinsurance,healthi
nsurance,etc.
,comewi thvaryingl evelsofr i
skand
exposure,whi
chcani mpactt hepr emi
umamount .Forexampl e,autoinsur ancepremiums
maybei nfl
uencedbyf actor
ssuchast hemakean dmodeloft hevehicl e,thedriver'
sage
anddrivi
ngrecord,andt helocationwheret hevehicl
ei spr i
mar i
l
ydriven .

Addi
tionall
y,thecover ageli
mit
ssel ect
edbyt hei
nsuredplayasigni
ficantr
olei
n
determini
ngthepr emiumamount.Highercover
ageli
mitsprovidegreat
erpr ot
ecti
onbutal
so
i
ncreaset heinsur
er'spotent
iall
iabi
li
ty,whi
chmayr esulti
nahigherpremiumcost.

Theinsured'sprofi
leisanotherimport antfactori
nthepremiumcalcul
ati
onprocess.
Factorssuchasage,gender ,occupation,heal
thstat
us,andotherpersonali
nformationcan
hel
pinsurersassesst heindi
vidual
'sriskprofil
eandli
kel
ihoodoffil
ingaclaim.Forexampl e,
youngerdr i
versorindivi
dualswithahi storyofhealthi
ssuesmaybeconsi deredhigherri
sk
andmayf acehigherpremiumsasar esult.

Locati
onisalsoakeyconsiderat
ioni
npremiumcalcul
ati
on.Thegeographicl
ocationoft
he
i
nsuredcanimpactthepremiumduetofactorssuchascri
mer at
es,weatherri
sks,and
otherl
ocalconsi
derati
onsthatmayincr
easet heli
kel
i
hoodofacl ai
mbei ngf
il
ed.

Fur
thermore,anindi
vidual'
scl
aimshi
stor
ycani nfl
uencethepr emiumcal
cul
ati
onprocess.A
hi
storyofpreviousinsur
anceclai
msmayi ndi
cateahigherli
kelihoodoffut
urecl
aims,which
canresul
tinhigherpremiumst
oaccountf orthi
sincr
easedrisk.

Deduct
ibl
esar
eanot
herf
act
ort
hati
nsur
ersconsi
derwhencal
cul
ati
ngpr
emi
ums.The
deducti
blei
stheamountofmoneyt heinsuredisresponsibl
ef orpayi
ngoutofpocket
beforethei
nsur
ancecoveragekick
sin.Higherdeductibl
est ypical
lyr
esultinl
ower
premi
ums,astheinsur
edassumesmoref i
nancialr
esponsibil
i
tyf orpotent
ialcl
aims.

Fi
nal
ly,di
scount
smaybeavai
l
abl
etopol
i
cyhol
der
sthatcanhel
plowert
hei
rpr
emi
ums.

I
nsurancecompaniesof t
enoff
erdi
scountsf
orvari
ousreasons,suchasbundl
ingmul
ti
ple
pol
iciestogether
,inst
all
i
ngsaf
etyfeat
uresonvehi
clesorproperti
es,ormai
ntai
ni
ngagood
dri
vingrecord.

3.
3Cl
aimset
tlementpr
ocess

Theclai
msettl
ementprocessatAwashInsuranceCompanyinvol
vesseveralstepsto
ensur
ethatpol
icyhol
dersrecei
vefai
randtimelycompensat
ionforcover
edl osses.Her
eis
anovervi
ewoft hetypi
calclai
msett
lementprocessatAwashInsur
anceCompany:

1
.Cl
aimNot
ifi
cat
ion:Thepr
ocessbegi
nswhenapol
i
cyhol
derexper
iencesacover
edl
oss
andnot i
fiesAwashI nsur
anceCompanybyf i
li
ngaclaim.Thi
scanbedonet hroughvarious
channels,suchasthecompany'swebsi
te,customerservi
cehotl
ine,ort
hroughanappoi nt
ed
i
nsuranceagent .Pr
omptnot i
fi
cat
ioni
simportanttoini
ti
atetheclai
msprocessasquicklyas
possi
ble.

2.Cl
aimDocument
ati
on:Uponr
ecei
vingt
hecl
aimnot
ifi
cat
ion
,thepol
i
cyhol
derwi
l
lbe
requi
redtoprovidedocumentati
onrelatedtot heclaim.Thismayincludeacompleted
clai
mf orm,adetail
eddescri
pti
onoft heinci
dentorl oss,r
elevantphotogr
aphs,pol
ice
reports(i
fappl
icabl
e),medi
calrecor
ds( forhealt
h-r
el at
edcl ai
ms)
,andanyot herpert
inent
evidence.

Accur
ateandt
hor
oughdocument
ati
oni
sessent
ialt
osuppor
tthecl
aim.

3.Cl
aimVer
ifi
cat
ion:Af
terr
ecei
vingt
hecl
aimnot
ifi
cat
ionanddocument
ati
on,Awash
I
nsuranceCompanyi
ni
ti
atesaver
ifi
cat
ionpr
ocesst
oassesst
heval
i
dit
yandext
entoft
he
cl
aim.

Thi
smayi nvolveconducti
nginvesti
gat
ions,obt
ain
ingstatementsfrominvol
vedparti
esor
wit
nesses,andeval
uatingthepoli
cycoveraget odetermi
net heeli
gibi
l
ityofthecl
aim.The
i
nsurermayalsorevi
ewanyr el
evantpoli
cyexclusionsorli
mitat
ionsthatcoul
dimpactthe
cl
aim.

4.AssessmentofLoss:Fol
lowi
ngt
hever
ifi
cat
ionpr
ocess,AwashI
nsur
anceCompany
assessest henatureandextentofthelosstodeter
minetheamountofcompensat i
onthat
thepolicyholderisenti
tl
edtorecei
veunderthetermsoft hei
rinsur
ancepoli
cy.Thi
s
assessmentt akesint
oaccountthespecifi
cdetai
l
soft heloss,aswellasanyrel
evant
poli
cypr ovisi
onsandcoveragelimi
ts.
5.Cl
aimSet
tlementOf
fer
:Basedont
heassess
ment
,AwashI
nsur
anceCompanymakesa
settl
ementoffertothepoli
cyhol
der.Theset
tlementof
feroutl
i
nestheamountof
compensati
onbeingoffer
edandprovidesdet
ailsonhowthesettl
ementwascal
culat
ed
basedonthepolicytermsandcondi
tions
.Theinsur
erai
mstoprovideafai
randreasonabl
e
settl
ementthatali
gnswit
hthepoli
cycoverage.

6.Cl
aimAccept
anceorNegot
iat
ion:Uponr
ecei
vingt
heset
tlementof
fer
,thepol
i
cyhol
der
hastheopti
ontoacceptitaspresentedorengageinnegoti
ati
onswithAwashInsur
ance
Companyiftheybeli
evethattheofferedamountdoesnotadequatelycoverthei
rlosses.
Duri
ngthi
sstage,bot
hparti
esmaywor ktogethert
or eachamutual
lyaccept
able
sett
lementt
hataddressesthepol
icyholder
'sneedsandconcer
ns.

7.Cl
aimSet
tlement
:Onceanagr
eementi
sreached,AwashI
nsur
anceCompanydi
sbur
ses
theappr ovedset t
lementamountt ot hepoli
cyholderi
naccor dancewi t
ht het er
msoft he
i
nsurancepol i
cy.Thi smayi nvolveissuingacheckorar r
angingfordir
ectdeposi t,
dependingont hepr efer
redmet hodofpayment .Theinsurerensuresthatt hesettl
ement
processi scompletedef fi
cientl
yandi ncompl
iancewithallrel
evantregulat i
ons.

Thr
oughouttheenti
reclai
mset tl
ementpr ocess,AwashI nsuranceCompanymai ntai
nsopen
communicati
onwiththepoli
cyholder,providingupdat esonthest at
usoft heclai
mand
addressi
nganyquesti
onsorconcer nst hatmayar ise.Theinsureralsoensuresthatal
l
rel
evantinf
ormati
onisaccuratelydocument edandconsi deredinthesettlementdeci
si
on,
fosteri
ngtr
anspar
encyan dtrustthroughoutt heclaimsprocess.

Summar
yandconcl
usi
on

ToconcludeAwashI nsuranceCompany,foundedi n1994,isaleadi

nginsur
ancepr oviderin
Ethi
opiaofferi
ngvari
ousi nsur
anceproductslikecar,heal
th,andpropertyi
nsurance.They
areknownf orthei
rcustomerf ocusandaimt oprovidef i
nanci
alsecuri
tythroughrel
iable
i
nsurancesolut
ionsandt herearesomeat t
ributesofawashi nsur
ancecompanysuchas;

TypesofInsur
ance:AwashInsur
anceoff
ersawiderangeofcoverage,i
ncl
udi
ngmot or,
healt
h,pr
operty,t
ravel
,andevenspeci
ali
zedopt
ionsforagr
icul
tur
e,constr
uct
ion,and
engi
neeri
ng.

Under
wri
ti
ngPr
ocess:Whenyouappl
yfori
nsur
ance,AwashI
nsur
ancecar
eful
lyasses
ses
theri
ski
nvol
vedbyconsideringyourappl
i
cati
ondet
ail
s,background,andotherf
actor
s.
Basedonthi
sassessment
,theydecidewhethert
ooffercoverage,thetermsofthepoli
cy,
andthepr
emiumamount.

Cl
aimSet
tlement
:Ifyouexper
ienceacover
edl
oss,youcani
ni
ti
ateacl
aimbynot
ifyi
ng
AwashInsur
ance.Thecompanywil
lthenveri
fyyourclai
m,assessthel
oss,andoffera
sett
lementamountbasedonyourpol
icycoverage.Youcannegoti
atet
heset t
lementi
f
needed.
Premiumcostsdependonthetypeofi
nsur
ance,cover
agel
i
mit
syouchoose,yourpr
ofi
l
e
(age,heal
th,et
c.)
,andl
ocati
on.

Higherdeduct
ibl
es(
moneyyoupayoutofpocketbef
orei
nsur
anceki
cksi
n)canr
esul
tin
l
owerpr emi
ums.

Makesur
etodocumentyourcl
aimthor
oughl
ywi
thphot
os,r
epor
ts,andot
herevi
dencet
o
ensur
eas moot
hsett
lementpr
ocess
.

Over al
l,AwashI
nsurancestri
vest obear el
i
ablepart
nerforindi
vidual
sandbusi
nesses
seekingfin
anci
alprotect
ionthroughvari
ousinsur
anceproductsandast r
uct
uredapproach
toriskmanagementandcl ai
mset tl
ement.

REFERENCES