Egypt Airports Holding Co. launches property insurance policy tender

The state-urn Egyptian Holding Company for Airports and Air Navigation (EHCAAN) has put out to tender a new insurance policy to cover its property.

The policy is with total sum insured of around 15 billion Egyptian pounds ($827 million), for one-year renewable term, sources with knowledge told Amwal Al Ghad on Thursday.

It will cover EHCAAN’s asserts and property, including premises, of all dangers arising out of fire and burglary.

The policy will also include a political violence cover to be provided for incidents such as sabotage, terrorism, riots, labours’ strikes, revolutions, war, and Coup d’état, with a maximum of $50 million per incident, the sources added.

Several local insurance majors are expected to compete to win the EHCAAN’s policy, including Misr Insurance Company, Arab Misr Insurance Group – GIG, Orient Takaful Insurance, and Egyptian Takaful Property and Liability Insurance (EGTAK).