Orient Takaful Insurance wins Credit Agricole EGP2.7bln insurance policy

Orient Takaful Insurance-Egypt has succeeded in renewing an insurance policy to cover Credit Agricole  assets, and branches against damages related to fire and burglary, besides additional risks according a source with knowledge.

The company has renewed the policy after competing with GIG insurance- Egypt. The newly renewed one-year term policy is with a total sum insured up to 2.7 billion Egyptian pounds.

Credit Agricole has asked the insurance companies operating in Egypt to submit their technical and financial proposal to cover the bank’s assets.

The policy includes covering all of its assets and ATMs against the dangers of fire and burglary.

It also included coverage of damages arising from dishonesty of trustees and cash transfer, besides other additional risks such as natural disasters and explosions, collision of vehicles, in addition to the explosion of water pipelines

Credit Agricole Bank total fixed assets amounted to 648.5 million pounds by the end of last year. In addition, the bank achieved profits of 2.36 billion pounds in 2019, compared to 2.2 billion pounds a year earlier.