Misr Insurance renews IFFCO Egypt’s $405.4 mln insurance policy

The leading insurer in MENA region, Misr Insurance Company has renewed an insurance policy for the assets of IFFCO Egypt, leading company in North Africa for edible oils and fats.

The insurance policy is with total sum insured of 3.6 billion Egyptian pounds, Misr Insurance’s chief executive Hosny Mishrif told Amwal Al Ghad on Saturday.

The policy is a five-year renewable term, involving an insurance coverage of all the risks arising out of all types of fire, burglary, lightening, explosions, and self-ignition, machine breakdown, earthquakes, storms, volcano, and plane crash, and drinking water pipeline blasts.

IFFCO Egypt was established in 1998 and started commercial production in 1999. It is part of the IFFCO group of companies, which in turn is the UAE – based operation of the Allana group. The Allana group is a family owned company with its headquarters in India.