Credit Agricole, insurers in talks to cover assets in Egypt – sources

Credit Agricole, France’s second-largest bank by market capitalisation, is in talks with non-life insurance companies operating in the Egyptian market to cover its assets in North African country, said sources on Tuesday.

The one-year term insurance policy is with a total sum insured up to 2.7 billion Egyptian pounds ($171.4 million), the sources with knowledge further told Amwal Al Ghad.

“The policy will see the coverage of all the bank’s assets and automated teller machines (ATM) against all risks related to fire and burglary,” they said.

Also, the policy will cover damages arising from dishonesty of trustees and cash transfer, besides other additional risks such as natural disasters and explosions, the sources added.