Egypt’s Export Development Bank negotiating with insurers to cover its assets – sources

Egypt’s Export Development Bank is negotiating with non-life insurance companies operating in the country to cover its assets, according to sources.

At a total sum insured of 5 billion Egyptian pounds ($309 million), the one-year policy will cover the bank’s assets and vehicles against all risks, official sources in the insurance sector told Amwal Al Ghad on Monday.

The insurance policy includes coverage of damages arising from fire and burglary as well as additional risks, they said.

As for the additional risks, they include coverage of explosions produced from self-ignition as well as other dangers related to firefighters that face serious risks on their jobs, besides lightning strikes, the sources added.