Egypt: Federation proposes consortium to cover mega projects
Source: Middle East Insurance Review | Jun 2015
The Insurance Federation of Egypt (IFE) has proposed that insurance companies in the country form a consortium to provide for the numerous mega projects that will be carried out following several investment agreements signed at a recent summit.
Mr Abd El-Raouf Kotb, IFE Chairman and Managing Director of Egyptian Saudi Insurance House, urged insurers to cooperate with each other under the federation’s umbrella and form a consortium to cover the projects, reported Al Mal News.
Multi-billion-dollar agreements were signed in March to build a new administrative and business capital east of Cairo and for several projects in the electricity, energy, housing, telecommunications and oil sectors. At the same time, the government is developing a new channel at the Suez Canal and is working with a UAE construction firm to build one million housing units.
Mr Kotb said that the consortium would help retain more risks at home and help secure the best terms from foreign reinsurers.
He said the insurance sector is ready to provide various offerings for the projects agreed at the March summit. These include fire, engineering, land transport, accident, medical and marine cargo.