Egypt: Contractors consider setting up insurer

Source: Middle East Insurance Review | May 2015

Construction firms are considering setting up an insurance company to assist them in securing financing, said media reports.

Mr Hassan Abdel Aziz, Chairman of the Egyptian Federation of Construction and Building Contractors, said that the idea of establishing an insurance company to cover contracting risks follows recommendations made at a recent major conference on construction in Egypt, reported Amwal Al Ghad.

If plans for the insurance company go through, the insurer would be established at a time of massive construction activity in the country.

The government recently announced plans to build a new capital adjacent to Cairo, a massive new project that in its first phase would cost US$45 billion and take up to seven years to complete. Other major projects being planned or being carried out include the construction of a million low-cost housing units across Egypt, and the construction of a second Suez Canal channel.

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