3 insurers vying to cover EgyptAir’s assets – sources

Three Egyptian insurance companies are competing to win a policy tender to cover the state-owned carrier EgyptAir’s assets, facilities, and vehicles, said official sources on Thursday.

Misr Insurance, Wethaq Takaful Insurance, and Iskan Insurance had earlier   submitted their technical and financial offers to cover EgyptAir’s assets, with a total sum insured of $480 million or around 8 billion Egyptian pounds.

The policy will see the coverage of damages related to fire and burglary, besides additional risks that may occur to EgyptAir’s assets, facilities, and headquarters as well as route and maritime transports and cash transfer, the sources in the insurance sector told Amwal Al Ghad.

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

“The policy encompasses coverage of risks arising from natural disasters as well as losses and damages due to earthquakes, storms, volcanoes, floods, and torrents,” they said.

It also includes EgyptAir’s fleet vehicles against damage from collision, fire, burglary, theft, and civil liability, the sources concluded.