JOFICO reports large losses in 2006

The company Jordan French Insurance Company (JOFICO) has reported a loss of 4.05 million JOD (5.7 million USD) in 2006, against a profit of 2.4 million JOD (3.4 million USD) in 2005. Motor insurance accounted for the biggest loss with 2.52 million JOD (3.58 million USD).

The amount of gross premiums rose to 13.94 million JOD (19.8 million USD) against 12.74 million JOD (18.1 million USD) in 2005.

The company is planning to raise its capital from 6.5 million JOD (9.2 million USD) to 8 million JOD (11.3 million USD) before the end of the year 2007 in compliance with the requirements of the Insurance Commission.