The Cooperative Insurance Society (CIS) has designed its first microinsurance product and has sent it to the Financial Regulatory Authority (FRA) for approval, reveals Mr Hossam Abdel Aziz, chairman of the association.
CIS is preparing to promote the product at the beginning of next year as it expects the FRA to give its approval before the end of this month. The microinsurance plan covers non-payment risks for micro-projects.
Three months previously, FRA had given its nod to CIS for the latter to issue microinsurance policies
Mr Abdel Aziz explained that CIS has formed a microinsurance department and a special compensation department which are independent of other operations.