GIG – Egypt wins policy bid for El Wahat-Ring Road crossing

Egypt’s Arab Misr Insurance Group- GIG won an insurance policy bid launched by the state-owned oil firm Petroject to cover works of El Wahat-Ring Road crossing, said sources on Monday.

At a total sum insured up to 2 billion Egyptian pounds ($120.6 million), the policy will see the coverage of the engineering risks of the project, the official sources in one of the insurance sources told Amwal Al Ghad.

The state-run Misr Insurance, Suez Canal Insurance (SCI), and Orient Takaful Insurance were competing to win the insurance policy, the sources added.

The policy will include the coverage of all risks related to fire that may occur to all contractors during the period of implementing the project, besides installation and maintenance works, they said.