Three insurers are competing to win a property insurance policy tender launched by the state-run Egyptian Natural Gas Company (GASCO), Invest-Gate reports.

The tender has a one-year term designated to insure GASCO’s property and assets, with a total sum insured of EGP 29 bn (USD 1.6 mn), sources tell Amwal Al Ghad.

The three bidders seeking to win the policy are: Misr Insurance Company, Arab Misr Insurance Group, and the Egyptian Takaful Property and Liability Insurance (EGTAK), the sources add.

The policy includes cover for GASCO’s assets, gas networks, and factories against engineering risks in addition to damages from fire, burglary, and theft.

It will also include political violence cover for incidents such as sabotage, riots, and labour strikes in addition to civil liability, the sources state.

Misr Insurance won GASCO’s policy last year for the second year in a row.