3 Egyptian insurers vying to cover Ahmed Hamdi Tunnel in Ismailia – sources
Three Egyptian insurance companies are competing for an insurance policy bid to cover the engineering risks of Ahmed Hamdi Tunnel in Ismailia port city, northeast of Cairo, said sources on Saturday.
The 1,640-metre long car tunnel is named after Ahmed Hamdi, an Egyptian engineer and general killed in action during the October War. It has two lanes of traffic, one in each direction, and connects Sinai to the town of Suez.
The three companies are Suez Canal Insurance (SCI), Arab Misr Insurance Group- GIG, and Orient Takaful Insurance, official sources in the country’s insurance sector further told Amwal Al Ghad.
At a total sum insured of $400 million or around 6.5 billion Egyptian pounds, the policy will see the coverage of all the engineering risks that may occur during the period of carrying out the tunnel, they added.
“The insurance policy will include all contractors’ risks as well as the mechanical, machines, and equipment failure, besides the coverage of the civil liability and natural disasters,” the sources said.
The policy will also cover a digging machine used in the tunnel, with total sum insured up to around €45 million, equivalent to 813 million pounds, the sources added.
