Egypt’s Arab Misr Insurance wins policy bid for GASCO assets

Egyptian Arab Misr Insurance Group- GIG has won an insurance policy bid to cover the assets and gas pipelines of the state-run Egyptian Natural Gas Co. (GASCO), said official sources on Tuesday.

The one-year term policy will be with a total sum insured up to around 100 billion Egyptian pounds ($6 billion), the sources told Amwal Al Ghad.

“The policy will cover GASCO’s assets, gas networks, and factories against all engineering risks as well as damages related to fire, burglary, and thief, besides additional risks,” they said.

As for the additional risks, they include coverage of explosion and fire produced from self-ignition as well as other dangers related to firefighters that face serious risks in their jobs, besides lightning strikes, the sources added.

The insurance policy also encompasses political violence coverage against risks of terrorism and sabotage as well as labour strikes and civil unrest, besides civil liability,” the sources said.

“A number of public and non-life insurance companies operating in the Egyptian market, notably Misr insurance were competing to win the policy,” the sources concluded.