South Cairo and Giza flour Mills launches $30 mln insurance policy

Egypt’s South Cairo and Giza Mills and Bakeries (SCFM.CA), a subsidiary of the Holding Company for Food Industries, has launched a call for tenders on a new insurance policy for the financial year 2016/2017. The policy is tailored to insure the company’s tangible fixed and current assets.

The company has set the date for opening the technical envelopes as of May 16, 2016.

The insurance policy is one-year renewable term, with total sum insured of up to 267 million Egyptian pounds (US$30.1 million), senior sources familiar with the matter told Amwal Al Ghad on Monday.

The policy is tailored for providing protection against risks of fire and burglary to the company’s assets and properties machines, the sources added. It also includes coverage against dishonesty and cash transfer.

The sources further said the policy also involves insurance coverage for inland transportation and comprehensive motor insurance services.

The policy witnessed a fierce competition among several insurers in the Egyptian market, including Misr Insurance Company, Arab Misr Insurance Group (GIG), Egyptian Takaful Property and Liability Insurance (EGTAK), Mohandes Insurance Company, Royal Insurance Company, Egyptian Saudi Insurance House, and United Insurance Company, the sources concluded.