7 insurers vying to cover Egyptian investment authority’s assets – sources

Seven insurance companies are competing to win an insurance policy tender to cover assets and properties of Egypt’s General Authority for Investment and Free Zones (GAFI), according to sources.

The five companies include Egypt’s Arab Misr Insurance Group- GIG, Egyptian Takaful Insurance (Property), and Wethaq Takaful Insurance-Egypt, official sources further told Amwal Al Ghad on Thursday.

Also, the insurers include Egyptian Saudi Insurance House, Egyptian Mohandes Insurance, Suez Canal Insurance, and Misr Takaful Insurance, they added.

“The insurance policy is a total sum insured up to 1.3 billion Egyptian pounds ($82.4 million),” the sources said.

The policy will see coverage of GAFI’s assets and properties against damages related to fire and burglary as well as additional risks, the sources added.

“The policy includes coverage GAFI’s fleet vehicles against damages resulted from collision, loss, fire, burglary, theft, and civil liability, they concluded.