CIS – Egypt to Attain EGP60 mln Premiums by FY13/14-End

Refky Lotfy Rashed, Managing Director of Cooperative Insurance Society (CIS) said the Society is targeting to attain EGP60 million premiums by the end of the current fiscal year of 2013/2014.

Refky explained that the volume of achieved premiums in CIS reached EGP30 million within the first half of the current fiscal year, stressing that the total compensations under settlements up EGP70.8 million during the fiscal year of 2013/2014 in compared to EGP44.4 million in the previous year.

He illustrated that the total value of paid up compensations reached around EGP130 million in the last 3 years, noting that CIS meets their obligations towards the affected clients and that contributed in restoring the confidence for the society again.

Moreover, Refky asserted that the current board of directors will seek within the upcoming phase to boosting the versions in all branches and this in coordination with Egyptian General Supervisory Authority (EGSA), targeting reconstructing CIS and to activate it fully.