Four insurers lining up bids for TAQA Arabia’s insurance policy

Four Egyptian insurers are vying to win an insurance policy tender to cover TAQA Arabia’s assets, sources familiar with the matter told Amwal Al Ghad on Sunday.

TAQA Arabia, a major natural gas distributor in Egypt and part of Qalaa Holdings, is offering a policy with total sum insured up to 5 billion Egyptian pounds ($317.8 million), the sources said.

Misr Insurance Company, Gig-Egypt, Suez Canal Insurance, and Orient Takaful Insurance – Egypt have submitted the technical and financial offers to win the policy.

TAQA’s insurance policy will include coverage of assets and properties against fire, burglary, risks arising from natural disasters, riots, labour strikes, debris removal, demolition of buildings, water leakage, plane crashes, traffic collisions, and explosion of freshwater pipelines, the sources added.

The policy will also consist of complimentary Motor Insurance cover for TAQA’s vehicle fleet besides marine insurance cover, and engineering risks insurance, they said.