Three insurers vying to win policy bid for Egyptian bourse’s assets

Three takaful insurance companies are competing to win an insurance policy tender to cover the assets of the Egyptian Exchange (EGX), according to official sources.

The one-year term policy is with a total sum insured up to 700 million Egyptian pounds ($43.7 million), the sources in the country’s insurance sector further told Amwal Al Ghad on Tuesday.

The three companies are Egyptian Takaful Insurance (Property), Orient Takaful Insurance – Egypt, and Egyptian Saudi Insurance House, the sources said.

The insurance policy will cover risks related to fire and burglary that may occur to EGX’s headquarters and facilities in the smart village, besides EGX Museum in downtown Cairo, they added.

“The policy includes coverage of fire and explosions produced from self-ignition as well as other dangers related to firefighters that face serious risks on their jobs, besides lightning strikes,” the sources said.

Also, the policy includes coverage of risks arising from natural disasters as well as losses and damages due to earthquakes, storms, volcanoes, floods, and torrents, the sources concluded.