GIG earmarks $250,000 for Egypt nuclear insurance pool

Egypt’s Arab Misr Insurance Group – GIG is set to commit around $250,000 to the capacity subscription of an anticipated insurance pool designated to insure the country’s nuclear facilities and projects.

GIG has informed the Insurance Federation of Egypt and the constituent committee for the Egyptian nuclear insurance pool about its planned contribution and interest to give more in the coming period, its managing director Alaa El Zoheiry told Amwal Al Ghad on Tuesday.

The anticipated Egyptian nuclear insurance pool will insure Egypt’s under construction first nuclear plant in Dabaa, west of Alexandria.

The plant will be built in Dabaa, a site in the north of the country that Egypt has been considering for a nuclear power plant on and off since the 1980s. It is due to be completed in 2022, and the first of its four reactors is expected to begin producing power in 2024.

The Egyptian government earlier in November signed an agreement with Russia to build Egypt’s first nuclear power plant at Dabaa, set to generate 4,800 megawatts through four units.

Arab Misr Insurance Group – GIG is an Egyptian insurance company established in 1994 under the Egyptian Insurance Law No. 10 of 1980; it is a member of the Egyptian Insurance Federation and started business since July 1st, 1994.

Earlier A.M. Best affirmed in May the financial strength rating of B++ (Good) and the issuer credit rating of “BBB” of GIG-Egypt for the third year in a row, with stable outlook.