South Cairo and Giza Flour Mills launches property insurance policy tender

The state-run South Cairo and Giza Mills and Bakeries has put out to tender a new insurance policy to cover its fixed and current assets.

The policy is with total sum insured of around 320 million Egyptian pounds ($17.7 million), for a one-year term starting from next July 1, sources with knowledge told Amwal Al Ghad on Monday.

Five local insurance majors are competing to win the policy, including Arab Misr Insurance Group – GIG, Egyptian Saudi Insurance House, Iskan Insurance Company, Misr Insurance Company, and the Egyptian Takaful Property and Liability Insurance (EGTAK), the sources added.

The policy insures the company’s assets and property against damages from fire and burglary. It also includes cover for employee dishonesty, cash transfers, and inland transport for the company’s products. In addition, the policy will also provide supplemental auto insurance coverage, the sources added.

EGTAK won South Cairo and Giza Mills’ insurance policy in 2016.