Three Property Insurers Vying to Win Egypt GASCO’s Insurance Policy Tender

Tuesday, 30th May 2017
by Nayrouz Talaat

A general view of residential buildings under construction in El Katameya district of New Cairo March 30, 2013. Two years of upheaval have devastated much of Egypt’s economy. The Egyptian pound has lost about 14 percent of its value. But for the real estate industry, especially the upmarket part of it which caters to people with large amounts of savings, the weak pound is actually fairly good news. In addition to Egyptians, the weaker currency makes Egypt more attractive for investors from other Arab countries trying to escape instability at home, especially Libya, Syria and Sudan. Picture taken March 30, 2013. To match Mideast Money EGYPT-HOUSING/ REUTERS/Amr Abdallah Dalsh (EGYPT – Tags: POLITICS BUSINESS REAL ESTATE CONSTRUCTION) – RTXY6TX

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.