Tokio Marine’s non-life Egypt arm launches three insurance products

Tokio Marine Egypt General Takaful is launching three news products in the Egyptian market, managing director Satoshi Furuya told Amwal Al Ghad Thursday. The three products are namely: the storage and distribution risks, the shippers’ liability, and the trade credit risks.

The first policy is to provide clients all over the world an insurance coverage for the goods and commodities during being in warehouses, undergoing the transportation process, and being in the fairs that are owned or rented by the client, Furuya said. The coverage will be managed through applying a unified price that will be determined as pursuant to the client’s annual business volume.

The second policy is set to cover the legal liability of the shipping companies, which are committed to compensate the client for the damages occur during shipping, unloading, or transporting commodities, he added.

Furthermore, Furuya said the third policy would cover the risks of trade credit i.e. the risk of default on a debt that may arise from a borrower failing to make required payments. The policy aims to mitigate any potential loss due to credit risks such as protracted default, insolvency or bankruptcy.