Three Insurers Compete for Amoun Pharmaceutical’s EGP4.2bn Insurance Policy

Three insurance firms are currently competing to win an insurance policy tender launched by Egypt’s Amoun Pharmaceutical Company.

The insurance policy is to insure Amoun’s fleet of cars, factories and affiliated facilities.

About the three insurance companies competing for the policy, sources with knowledge of the matter told Amwal Al Ghad on Saturday that they were Misr Insurance Company, Orient Takaful Insurance Company, and AIG Insurance Company.

The sources further said Amoun’s insurance policy is a one-year renewable term, with total sum insured of 4.2 billion Egyptian pounds (US$587.6 million).

Around 200 million pounds of the total sum insured will be dedicated to provide insurance coverage for Amoun’s fleet of cars (1000 vans and private cars), the sources added.

Moreover, the sources elaborated that Amoun had also allocated 2 billion pounds to provide insurance coverage for factories and affiliated facilities against risks of fire, burglary, and other additional dangers. Additional 2 billion pounds have been allocated to provide insurance coverage for Amoun’s products against dishonesty.