Chartis Egypt Insurance Company targets to achieve premiums of EGP 280 million in 2013, said Mohamed Zahran, head of liability insurance and institutions' affairs department of the Company. The Company also aims at increasing premiums by 10% to reach EGP 305 million in 2014. Chartis Egypt did not decide whether to regain old name which is AIG Egypt Insurance or not. The current economic unrest has delayed the bank's plan to establish new branches due to the high establishment costs, he explained. Besides, the Company has witnessed some administrative changes as Maged Wafiq, Deputy Head of SME Division at Chartis Egypt Insurance, was chosen to be the head of internal affairs at the Company, following Sameh Moustafa which returned to the banking sector at the Company. It is worth mentioning that Chartis Egypt Insurance's premiums declined by 6%, registering EGP 271 million in FY 2010/2011, down from EGP 289 million in FY 2009/2010.
