EGX’s Insurance Bid Procedures Are Illegal: AMIG

The Egyptian Exchange is informed that the procedures of selecting a company to insure the EGX’s buildings and assets are illegal, said Walid Sayed, deputy general manager of fire insurance sector at Arab Misr Insurance Group (AMIG).

The Egyptian Financial Supervisory Authority (EFSA)’s law states that companies shall submit their bids in sealed envelopes, rather than bidding in an open auction. AMIG informed EFSA and Insurance Federation of Egypt (IFE) with such issue.

Misr Insurance Company, Egyptian Saudi Insurance Group and AMIG are competing to insure the EGX’s buildings and offices in Smart Village and Downtown against fire, burglary and all risks. The value of the insurance policy is about EGP 240 million.