Three insurers are competing to win a property insurance policy tender launched by the state-run Egyptian Natural Gas Company (GASCO).
The policy is a one-year term designated to insure GASCO’s property and assets, with total sum insured of 29 billion Egyptian pounds ($1.6 million), sources with knowledge of the matter told Amwal Al Ghad on Sunday.
The three bidders, seeking to win the policy are; Misr Insurance Company, Arab Misr Insurance Group – GIG, and the Egyptian Takaful Property and Liability Insurance (EGTAK), the sources added.
Egyptian Life Takaful Company – GIG, Delta Life Assurance, and Mohandes Life Insurance, the sources said.
The policy include cover for GASCO’s assets, gas networks, and factories against engineering risks in addition to damages from fire, burglary, and theft.
It will also include political violence cover to be provided for incidents such as sabotage, riots, and labours’ strikes in addition to civil liability, the sources stated.
Misr Insurance won GASCO’s policy last year for the second year in a row.