Wethaq to insure Egypt investment authority’s assets

Cairo-based Wethaq Takaful Insurance has won an insurance policy bid to cover the assets of Egypt’s General Authority for Investment and Free Zones (GAFI), said sources on Wednesday.

With a total sum insured of around 1.3 billion Egyptian pounds ($79.1 million), the policy will see the coverage of GAFI’s vehicles, assets, and properties, the official source further told Amwal Al Ghad.

“The policy will cover damages related to fire and burglary as well as additional risks that may occur to GAFI’s properties and offices,” they said.

As for the additional risks, they encompass coverage of natural disasters, explosions, and car crash, the sources added.

The policy also includes civil liability coverage as well as insuring GAFI’s fleet vehicles against damages resulted from collision, loss, fire, burglary, and theft, the sources concluded.