Wethaq Takaful wins Egyptian property developer’s $12.7mn policy bid

Egypt’s Wethaq Takaful Insurance has won a policy bid to insure the administrative buildings and vehicles owned by an Egypt-based property developer.

The policy is a one-year renewable term, with a total sum insured up to 100 million Egyptian pounds (US$12.7 million), Mohamed El-Ghadrify, a broker with knowledge of the deal, told Amwal Al Ghad Saturday.

El-Ghadrify further said the policy involves an insurance coverage for all the company’s administrative premises, branches, and assets against all dangers arising out of fire and burglary.