Five insurers are competing to win the new personal accident and public transportation insurance policy launched by Telecom Egypt (TE), sources with knowledge told Amwal Al Ghad on Wednesday.
Telecom Egypt, the state-owned landline monopoly, has put earlier this month out to tender on a new personal accident insurance policy for its employees, with total sum insured of 11 billion Egyptian pounds ($580.6 million).
The five bidders, whose technical offered announced eligible on Tuesday, are; Misr Insurance Company, Arab Misr Insurance Group – GIG, Egyptian Saudi Insurance House, Mohandes Insurance Company, and Iskan Insurance Company, the sources further told Amwal Al Ghad.
The envelopes will be opened to announce the winner within the next few days, the sources added.
TE policy is designated for personal accidents and public transportation to provide total, partial, or temporary disability, and death insurance cover, to serve around 41,000 employees in addition to around 4,000 beneficiaries of the public transportation services provided by the company.
Each insured can get a compensation of up to 250,000 pounds, according to the policy.