Misr Insurance, GIG vying for Petrotrade’s $57.1mn Insurance Policy

Misr Insurance Company and Arab Misr Insurance Group (GIG) are competing to win an insurance policy contract for the state-owned Petrotrade Company.

The insurance policy is a five-year term, with total sum insured of 408.3 million Egyptian pounds (US$57.1 million), senior sources near with knowledge of the matter told Amwal Al Ghad on Wednesday.

The state-owned refiner and distributor Petrotrade for Petroleum Services has recently launched an insurance policy bid, seeking to insure its assets and fleet of cars. The policy includes providing insurance coverage against risks of fire, burglary, dishonesty, cash transfer, and civil liabilities in addition to the employees’ personal accidents, the sources noted.

Petrotrade’s policy will also include insurance coverage for the company’s fleet of cars.

Out of the total sum insured, the sources revealed that Petrotrade had allocated around 340.9 million pounds to provide insurance coverage for assets, premises, and storehouses against risks of fire.

Additional 11 million pounds have been allocated to provide insurance coverage for Petrotrade’s fleet of cars. To insure personal accidents may occur to Petrotrade’s employees, the company allocated 33.35 million pounds. Further 20.75 million pounds were designated to insure against risks of cash transfer alongside 2.5 million for the civil liabilities.

Moreover, the sources said Petrotrade would announced the winner of the insurance policy tender in the coming few days.