Misr Insurance wins $255mn policy for steel firm in Alexandria

The leading insurer in MENA region, Misr Insurance Company has won a policy bid to insure the assets and properties of one of the steel firms in Alexandria.

The policy is a one-year renewable term and with total sum insured of two billion Egyptian pounds (US$255.4 million), Amwal Al Ghad has quoted Essam Mansour – Misr Insurance’s representative in Alexandria – as saying Sunday.

Mansour further said that the policy is to cover the dangers arising out of fire, burglary, dishonesty, and cash transfer in addition to other risks on the firm’s premises, assets, and warehouses.

Additionally, the policy is to insure against all the dangers of political violence on the firm’s assets and premises, with a coverage rate of 25 percent out of the total sum insured, the official added.