8 insurers vying to win a mandate to cover Egypt GASCO’s assets

State-run Egyptian Natural Gas Company (GASCO) is trading off among eight insurers seeking to win a mandate to provide insurance cover for the company’s assets and property.

GASCO’s policy is a one-year term, with total sum insured exceeding 50 billion Egyptian pounds ($2.7 billion), sources with knowledge of the matter told Amwal Al Ghad on Sunday.

The eight bidders, seeking to win the policy are; Misr Insurance Company, Arab Misr Insurance Group – GIG, the Egyptian Takaful Property and Liability Insurance (EGTAK), Suez Canal Insurance, Iskan Insurance Company, Orient Takaful Insurance, Royal Insurance, and Mohandes Insurance, the sources added.

The policy includes cover for GASCO’s assets, gas networks, and factories against engineering risks in addition to damages from fire, burglary, and theft, they stated.

It also involves a political violence cover to be provided for incidents such as sabotage, riots, and labours’ strikes in addition to civil liability.

Misr Insurance won GASCO’s policy last year for the second year in a row.