7 insurers vying to cover Egypt-based Alexandria Sporting Club’s assets – sources

Seven insurance companies are competing to win an insurance policy tender to cover assets, properties, and facilities of Egypt-based Alexandria Sporting Club, according to sources.

The seven insurers include Egyptian Takaful Insurance (Property), Suez Canal Insurance (SCI), Royal Insurance, and Misr Insurance Takaful, official sources told Amwal Al Ghad on Sunday.

The companies also include Wethaq Takaful Insurance, Arab Misr Insurance Group- GIG (GIG-Egypt), and Egyptian Saudi Insurance House, the sources said.

The insurance policy is with a total sum inured of 250 million Egyptian pounds ($1.7 million), they added.

The policy will see coverage of the club’s buildings, facilities, and equipment against all risks, the sources said.

Also, the policy includes coverage of damages arising from fire and explosion produced from self-ignition, besides other risks related to natural disasters and theft, the sources included.

Founded in 1890, Alexandria Sporting Club is one of the oldest clubs in Egypt and Africa. It is also known as Sporting Alexandria and Sporting between the locals. The club was is best known for their handball and basketball team.