Misr Insurance Company (MIC) will provide insurance cover for Egypt’s leading travel company Misr Travel, sources with knowledge of the agreement told Amwal Al Ghad on Tuesday.
The sources revealed that MIC has won an EGP 700 million insurance policy on Misr Travel’s assets, including premises, vehicles and etc.
About the insurance policy, it will cover all the risks of fire, burglary, and machines breakdown, said the sources.
It is a one-year renewable term insurance policy, they added.
MIC has won the bid to provide insurance cover for Misr Travel, against fierce competition with some big insurance firms in Egypt such as Arab Misr Insurance Group (GIG) and Egyptian Takaful Insurance Company.
With 184 branches nationwide, Misr Insurance captures 57% a share of Egypt’s insurance market, seeking to be up to 65% within three years from now.