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Oct 2019

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Egypt: Bank of Cairo seeks insurance coverage of $423m for assets

Source: Middle East Insurance Review | Sep 2019

Egypt’s state-run lender Banque du Caire (Bank of Cairo) is negotiating with a number of public and non-life insurers operating in the country to cover its assets and facilities, an official source has revealed.
 
The one-year term insurance policy will see coverage of the bank’s assets and facilities against all risks, with a total sum insured of EGP7bn ($423.3m), the source told Amwal Al Ghad.
 
“The policy includes coverage of all damages related to fire and burglary as well as additional risks that may occur to Banque du Caire’s assets, facilities, and headquarters, besides route and maritime transport and cash transfers,” he said. M 
 
EGP1 = $0.06
 
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