EFSA Approves CIL’s New Personal Insurance Products
The Commercial International Life Insurance Company (CIL) has received the Egyptian Financial Supervisory Authority’s (EFSA) approval over two of its personal insurance products.
The marketing manager of the company said the first product is a life insurance policy which provides families with long-term coverage if the family’s main breadwinner becomes unable to earn a living due to death or critical disease.
The second product is an accident insurance policy which covers the family’s main breadwinner against total permanent disability due to an accident. The policy covers the treatment costs of the injury.
Both policies are cash-back insurance policies as CIL will retrieve about 50% of the net premiums every five years if there are no claims.
CIL also plans to launch a corporate medical insurance policy and an insurance program for businessmen in Egypt as well as a loan default insurance policy.
It is worth noting that Commercial International Life Insurance Company (CIL) achieved premiums of EGP 500 million in FY 2011/2012.
