Egyptian Takaful Property wins Egypt GAFI’s $89mn insurance policy bid

Egyptian Takaful Property and Liability Insurance (EGTAK) has won an insurance policy bid launched by the country’s investment authority, its deputy managing director Ahmed Morsy announced Wednesday.

Morsi further told Amwal Al Ghad that the policy is tailored to insure the assets and premises of Egypt’s General Authority for Investment and Free Zones (GAFI), with total sum insured up to 700 million Egyptian pounds (US$89 million).

It is a one-year term, and it involves an insurance coverage of all dangers arising out of fire, burglary, losses, natural disasters, and other risks, he added.

GAFI’s policy also includes coverage of risks related to riots, civil unrests, labourers’ strikes, terrorist attacks, and sabotages.