Egyptian Takaful Property commits $200k to Egypt nuclear insurance pool

Egyptian Takaful Property and Liability Insurance (EGTAK) will commit around $200,000 to the capacity subscription of a planned insurance pool designated to insure nuclear facilities and projects in Egypt.

EGTAK has informed the Insurance Federation of Egypt and the constituent committee for the Egyptian nuclear insurance pool about its contribution plans, its managing director Ahmed Arfeen told Amwal Al Ghad on Thursday.

Arfeen has stressed the necessity of communicating with the global reinsurers and pools specialised in covering risks for nuclear projects and facilities to benefit from their expertise.

The anticipated Egyptian nuclear insurance pool will insure Egypt’s under construction first nuclear plant in Dabaa, west of Alexandria.

The plant will be built in Dabaa, a site in the north of the country that Egypt has been considering for a nuclear power plant on and off since the 1980s. It is due to be completed in 2022, and the first of its four reactors is expected to begin producing power in 2024.

The Egyptian government earlier in November signed an agreement with Russia to build Egypt’s first nuclear power plant at Dabaa, set to generate 4,800 megawatts through four units.