Misr Insurance wins policy bid for Etisalat Misr’s assets – sources

Egyptian state-owned Misr Insurance won an insurance policy bid to cover the assets, charge cards, and signal transmission towers of Etisalat Misr, the Egyptian unit of the UAE’s Etisalat, according to sources.

The one-year term insurance policy is with total sum insured up to 15 billion Egyptian pounds ($889.7 million), the sources with knowledge in Misr Insurance further told Amwal Al Ghad on Thursday.

The policy insurance includes Etisalat Misr’s assets, facilities, charge cards, and signal transmission towers against the risks of fire, burglary, and machines failure, they added.

The policy also includes coverage of risks related to political violence of Etisalat Misr’s assets, equipment, and machines, the sources said.

“We (Misr Insurance) allocated around 4 billion pounds to cover all damages and risks that may occur to Etisalat Misr’s assets and charge cards, the sources added.

Also, Misr Insurance assigned 10 billion pounds to caver Etisalat Misr’s Mobile unit and signal transmission towers against all risks related to fire and burglary, they said.

“We had allotted around 1 billion pounds to cover Etisalat Misr’s civil liability, dishonesty of trustees, and maritime transport,” they said.