Misr Insurance, GIG Competing to Capture GASCO’s Policy with EGP18 bln

Misr General and Property Insurances, Arab Misr Insurance Group- GIG are competing to seize insurance policy of Egyptian Natural Gas “GASCO”’s assets.

Adel Hegazy, General Manager of Accident and Petroleum Insurance Sector at GIG said the total insurance amounts of policy up EGP18 billion, noting that the document’s period is for one year that will start by next April.

Hegazy explained that the document includes the coverage of fire and burglary risks across governorates including natural gas network, stores and lines and gas pipeline subsidiary to GASCO Company.

Furthermore, Hegazy noted that his company captured this document in the last year and its period may end up in this month, stressing that GASCO called several insurance companies which operating in the Egyptian market to provide the prices offers of the document but the competition has been limited technically between Misr Insurance, Insurance and GIG.