EGTAK renews insurance cover deal for United Bank of Egypt’s assets

Egyptian Takaful Property and Liability Insurance (EGTAK) has renewed an insurance coverage agreement with the state-run United Bank of Egypt for the third consecutive year.

According to the agreement, the United Bank’s insurance policy is a one-year term, with total sum insured of 2 billion Egyptian pounds ($126.6 billion), Ahmed Bakry, assistant in the bank’s insurance department, told Amwal Al Ghad on Saturday.

The policy will cover the United Bank’s assets against losses resulted in fire, burglary, and explosions, Bakry further said.

It will also include political violence coverage to protect the bank’s assets from risks of terrorism, sabotage, riots, civil unrest, labours’ strikes, and revolution, he added.