Allianz reaches credit risk insurance deal with Egypt state lender

Allianz Egypt, part of German insurer Allianz, on Thursday said that it has struck a deal with one of the country’s state-run banks to offer credit risk insurance to the bank’s customers.

The deal will see Allianz Egypt cover credit risks and non-payment of loans by the bank’s customers due to natural death, managing director Ayman Hegazy told Amwal Al Ghad.  He did not disclose the name of the bank.

It is with total sum insured of up to 20 billion Egyptian pounds ($1.1 billion), Hegazy said.