Capital structure issue has been debated for many years and still represents one of the main unsolved matters in the corporate finance literature. Indeed, what makes the capital structure debate so exciting is that only a few of the developed theories have been tested by empirical studies and the theories themselves lead to different, not mutually exclusive and sometimes opposed, results and conclusions, and thus, there is no yet a fully supported and unanimously accepted theory. Especially in less developed countries like Ethiopia, specifically on insurance industry, it received little attention. Consequently, a design feature that works well in one country may not in another. This may be referred to as The No-One-Size-Fits-All (the NOSFA) principle.