Telecom Egypt launches property insurance policy tender of 35 bln pounds

State-owned Telecom Egypt, which has a monopoly on the country’s landlines, has put out to tender on a new insurance policy to cover its assets and property.

The policy is with total sum insured of 35 billion Egyptian pounds ($2 billion), sources with knowledge told Amwal Al Ghad on Saturday. It will cover TE’s assets and properties, including warehouses and telephone exchange centers, of all dangers arising out of fire, burglary, dishonesty, losses, labours’ strikes, damage to machinery, they added.

Misr Insurance Company won TE’s tender last year.