Six Local Insurers Compete for Cairo Airport’s $600mn Insurance Policy

Six Egyptian insurance companies are competing to win the tender announced by Cairo International Airport about issuing an insurance policy for the airport’s assets and buildings.

The companies include Misr General Insurance, Egyptian Takaful Insurance ‘Properties’, Arab Misr Insurance Group (GIG), ACE Group , Arab Orient Takaful Insurance along with Allianz General Insurance Company, Senior sources revealed.

Speaking to Amwal Al Ghad Arabic’s Website, the sources explained that the total value of insurance amounts for Cairo Airport’s policy will reach up to US$600 million (EGP4.2 billion).

The policy includes covering all risks of the properties and assets that affiliated to the airport including fire, burglary besides the additional risks.

Sources added that 50% which equivalent to (US$300 million) of insurance amounts for the policy has been allocated to cover the political violence such as terrorism and sabotage.

By the upcoming few days, the technical and financial Envelopes of the tender will be opened to announce for the winning company.