The Arab Misr Insurance Group, AMIG, has won a deal offered by El-Sewedy Cables Company for insurance coverage of more than 20 factories and 400 vehicles against marine transport, fire, robbery and riot risks.
Ali Bashandy, head of the technical affairs department at AMIG, said that the deal would exceed LE 2.5 billion, representing the total value of the factories and vehicles.
He pointed out that AMIG submitted the best proposal in terms of a low premium that would not exceed 3 percent a year of the deal value.
El-Sewedy Cables had offered a competition for Egyptian insurance companies for coverage of the factories and vehicles in question to which 20 insurers responded, including Misr Insurance, Delta Insurance, and Suez Canal, in addition to branches of international insurers, such as Allianz Company for non-life insurance.
Other companies shied away from the deal, such as Al-Mohandes Insurance, for its inability to take the risk compared with state-owned insurance operators.
Bashandi said that AMIG is currently in talks with an international reinsurance company to participate in the deal on the basis of risk sharing. The company is negotiating the deal with Munich Re and Swiss Re.
