Eight insurers are competing to win commissions to provide insurance that will cover the assets of the Egyptian Natural Gas Company (GASCO).
GASCO is adopting a one-year strategy with total sum insured exceeding EGP 50b, sources informed Amwal Al Ghad.
The strategy is set for securing the company’s gas networks, factories, and assets against any engineering risks. It further includes insuring them against damages that may result from fire, theft, and burglary. The deal also includes insuring the company against any possible political risk such as sabotage, labors’ strikes, riots, and civil liability.
The eight insurers are the Arab Misr Insurance Group (GIG), Suez Canal Insurance, Misr Insurance Company, the Egyptian Takaful Property and Liability Insurance (EGTAK), Orient Takaful Insurance, Mohandes Insurance, Iskan Insurance Company, and Royal Insurance.
GASCO had issued a similar tender in 2016 that was won by Misr Insurance for the second consecutive year.