Three qualifiers vying to win Egyptian bourse’s insurance policy tender

Three insurers are fiercely competing to win an insurance policy tender launched by the Egyptian stock Exchange (EGX) as their technical offers announced eligible, sources with knowledge of the matter said Wednesday.

The three qualifiers are Misr Insurance Company, Mohandes Insurance Company, and Egyptian Takaful Insurance Property and Libility (EGTAK), the sources further told Amwal Al Ghad.

The Egyptian bourse has launched the tender to insure the assets and properties of its headquarters and buildings in Smart Village, Downtown, and Alexandria.

“EGX will determine the time of opening the envelopes to announce the winner within the next few days.” The sources said.

With total sum insured of around 250 million Egyptian pounds ($13.8 million), the EGX policy is a one-year renewable term to provide insurance coverage against risks of fire, natural disasters, riots, civil disorders, workers’ strikes, dishonesty, and cash transfer.

The policy also includes car insurance coverage for the vehicles owned by the EGX against accidents and damages resulted in fires and burglary, the sources added.