GIG-Egypt wins Petrojet’s insurance policy bid worth multi-billion pounds

Egypt’s Arab Misr Insurance Group – GIG-Egypt has won a policy bid for the country’s state-owned Petroleum Projects & Technical Consultations Co- Petrojet.

Hesham Refaat – Head of Engineering Section at GIG-Egypt – told Amwal Al Ghad on Wednesday that the insurance policy is one year term, with total sum insured worth more than 3 billion Egyptian pounds ($337.7 million).

The policy is tailored to cover all risks and arising out of fire and burglary, and to insure Petrojet’s machineries whether in Egypt or abroad, Refaat added.

Petrojet’s policy also includes insurance coverage against employees’ accidents, GIG-Egypt official said.

Earlier, A.M. Best has affirmed by the end of last May the financial strength rating of B++ (Good) and the issuer credit rating of “BBB” of GIG-Egypt for the third year in a row. The outlook for each rating remains stable.