Misr Insurance wins Egypt GASCO’s multi-billion of pounds insurance policy tender

Big 5

Egypt’s Misr Insurance has won for the third year in a row the insurance policy tender launched by state-run Egyptian Natural Gas Company (GASCO).

GASCO’s policy is a two-year term, with total sum insured exceeding 50 billion Egyptian pounds ($2.8 billion), sources with direct knowledge of the matter told Amwal Al Ghad on Wednesday.

The policy includes cover for GASCO’s assets, gas networks, and factories against engineering risks in addition to damages from fire, burglary, and theft, they stated.

It also involves a political violence cover to be provided for incidents such as sabotage, riots, and labours’ strikes in addition to civil liability.

Eight local insurers have rivaled to win GASCO’s policy including; Arab Misr Insurance Group – GIG, the Egyptian Takaful Property and Liability Insurance (EGTAK), Suez Canal Insurance, Iskan Insurance Company, Orient Takaful Insurance, Royal Insurance, and Mohandes Insurance.