Misr Insurance wins GASCO’s $28 bln policy bid

Egypt’s Misr Insurance Company has won an insurance policy bid for the assets and properties of Egyptian Natural Gas Company (GASCO), sources with knowledge with the matter said Monday.

GASCO, a subsidiary of the Egyptian Holding Company for Natural Gas (EGAS), is a major player in the natural gas business in Egypt; it operates, manages and, maintains the National Gas Grid maximising natural gas utilisation in the different fields.

GASCO’s insurance policy is with total sum insured of up to $28 billion, the sources told Amwal Al Ghad.

It is a one-year renewable term, involving an insurance coverage against all the engineering dangers in addition to other risks arising out of fire, burglary, lightening, theft, and etc, the sources added.

The policy also provides insurance coverage for civil liability and political violence, to insure the company’s headquarters, assets, and properties against risks of terrorism, sabotage, unrest, and labours’ strike.