Corporate governance plays a vital role in maintaining the safety and soundness of financial system in general and insurance in particular, which is an integral chunk of the financial system that plays an imperative role as a risk saver of the citizens and properties from the perils of unforeseeable natural disasters. However, most of corporate governance studies are conducted on large firms operating within well-organized corporate governance mechanisms in developed economic system. Also, some studies previously conducted in case of Ethiopia sought to investigate the relation between corporate governance mechanisms and financial performance only. Even if researchers have begun to use non-financial performance measures like market share instead of traditional financial performance measures more frequently in these days. In addition, results from previous studies have shown mixed outcomes. Accordingly, the main contribution of this study is to shed some light on the effect of corporate governance mechanisms (i.e. board size, board independence, frequency of board meeting, management efficiency, central bank regulation, audit committee size, and audit committee independence) and two control variables (i.e. firm size and firm age) on market share of insurance companies in Ethiopia by employing a panel multiple regression model with pooled OLS estimation procedure. The sample includes seventeen purposefully selected insurance companies over the period 2017-2021. The audited annual reports (Balance sheet and Profit/Loss account) of insurance companies were obtained from National Bank of Ethiopia (NBE) and insurance companies annual publication reports. The results of regression analysis reveals that board independence and audit committee independence has statistically significant and positive effect market share of insurance companies in Ethiopia. However audit committee size and management efficiency has statistically significant and negative effect on market share of insurance companies in Ethiopia. On the other hand board size, frequency of board meeting and central bank regulation found to have no significance effect on market share of insurance companies in Ethiopia