Four insurers lining up to cover assets of Egypt’s top cigarette maker

Four Egyptian insurers are vying to win an insurance policy tender to cover the assets and properties of Egypt’s top cigarette maker, Eastern Tobacco Company, sources familiar with the matter told Amwal Al Ghad on Tuesday.

Eastern Tobacco is offering a policy with total sum insured up to 37 billion Egyptian pounds ($2.35 billion), the sources said.

Misr Insurance Company, Gig-Egypt, Orient Takaful Insurance – Egypt, and Delta Insurance have submitted the technical and financial offers to win the policy.

Eastern Tobacco’s insurance policy will cover assets and properties against physical risks related to industrial units, machinery breakdown, political violence, and civil liability, they said.

It will also cover all Eastern Tobacco’s buildings, machineries, packaging materials, in addition to dishonesty, riots, labourer’s strikes, and loss of revenue.

Moreover, the policy will also consist of complimentary motor insurance cover for Eastern Tobacco’s vehicle fleet, as well as marine and land cargo insurance cover, they concluded.