3 Egyptian insurers vying to cover Export Development Bank’s assets

Three insurance companies operating in Egypt are competing to win an insurance policy tender to cover the Export Development Bank of Egypt’s assets and facilities, according to sources.

The three insurers are the state-run Misr Insurance, Egyptian Takaful Insurance (Property), and Orient Takaful Insurance – Egypt, official sources told Amwal Al Ghad on Saturday.

The one-year term insurance policy is with a total sum insured up to 5 billion Egyptian pounds ($310.1 million), they added.

The policy will see coverage of the bank’s assets and facilities against damages arising from fire, burglary, and additional risks, the sources said.

As for the additional risks, they include coverage of fire and explosions produced from self-ignition as well as other dangers related to firefighters that face serious risks on their jobs, besides lightning strikes, the sources concluded.