8 Insurers Compete for Egyptian Holding Company for Airports’ EGP20bn Policy

Eight insurance companies are fighting off to win a tender designated to insure the assets and premises of the state-owned Egyptian Holding Company for Airports and Air Navigation (EHCAAN).

As being the managing director of a brokerage firm that deals with some of the competing insurance companies to win the tender, Yasser Al-Alam from Egypt Link Insurance Brokerage said the total value of the policy is worth 20 billion Egyptian pounds (US$ 2.8 billion).

He further told Amwal Al Ghad that the amount of total premiums paid for a policy amounts to 10 million pounds.

EHCAAN’s policy is one-year renewable term and is set to provide insurance coverage to the company’s assets, vehicles and premises against risks of dishonesty and all damages resulting from riots, civil unrest and labourers’ strikes, Al-Alam clarified.

Another tender will be announced in the coming few days about a second policy to secure insurance coverage to the EHCAAN’s assets and affiliated premises against all the risks of fire and burglary, he added.

Moreover, Al-Alam said the list of competing insurance companies in EHCAAN’s tender includes; Misr Insurance (Non-life), Arab Misr Insurance Group – GIG-Egypt, Royal Insurance Company, and Suez Canal Insurance Company.