Arope Insurance wins Egypt TE Data’s $196.5 million Policy

Egypt’s Arope Insurance has won an insurance policy for the internet service provider TE Data’s assets, the technical manager for non-life operations Samer El Sabban announced.

Speaking to Amwal Al Ghad on Saturday, El Sabban said the policy is with total sum insured worth 1.5 billion Egyptian pounds (US$196.5 million).

Upon the policy, Arope shall provide insurance coverage for all TE Data’s assets, vehicles, and warehouses against all types of risks, civil liabilities, cash transfer, and dishonesty, he noted. The company will also insure TE Data’s staff against individual accidents.

It is a one-year renewable term insurance policy, El Sabban added.

Arope Insurance Egypt has been established in 2008 as private joint venture insurance company with Blom Bank Egypt and registered in the Egyptian Financial Supervisory Authority under No.406/2008 for Arope Life Insurance and No.407/2008 for Arope Non-Life Insurance with an issued capital of 100 million pounds, according to the insurer’s official website.