Egyptian Takaful wins Tender to insure Egypt Bourse’s HQ

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The Egyptian Takaful Insurance – Properties has won a tender to insure the two headquarters of the country’s stock Exchange (EGX).

EGX has two headquarters, one in downtown and another in Smart Village.

The downtown office is responsible for departments of market transactions, listing, membership, coding, OTC, legal affairs and media will remain at the current headquarters. As for the Smart Village headquarters, it is designated for divisions of Senior Management (Chairman and Vice Chairman); disclosure and trading supervisory departments; information center; as well as financial, human resources and risks departments.

About the tender, the insurance policy for the EGX’s assets and premises is estimated to be with total sum insured of 245 million Egyptian pounds (US$33.8 million), sources with knowledge of the matter spoke to Amwal Al Ghad on Monday.

The sources further said the policy would secure insurance coverage for the EGX’s premises, offices, and cars against all risks.

The policy is a one-year renewable term, designated to provide insurance coverage against all risks of fire, burglary, cash transfer, and dishonesty, the sources added.

Moreover, the Egyptian Takaful Insurance’s winning came after a fierce competition with several rival insurers working in the Egyptian market, notably Egyptian Saudi Insurance House, which had won the tender a year earlier.