GIG Egypt (Gulf Insurance Group Egypt) vs Misr Insurance Company

Gulf Insurance Group's Egyptian non-life insurer, with engineering and liability covers

GIG Egypt says it began insuring in July 1994 and is 99% owned by Gulf Insurance Group, a Kuwait-listed insurer in which Canada's Fairfax Financial raised its stake after KIPCO's exit in December 2023, according to news reports. Atlas Magazine reported in April 2023 that GIG acquired AIG Egypt. GIG Egypt holds FRA licence No. 9 of 1994, states issued capital of EGP 1 billion, and lists CAR, EAR, contractors' plant and machinery and electronic equipment cover.

Pros

• + Engineering covers: CAR, EAR, contractors' plant and machinery, machinery, electronic equipment
• + Online engineering quote form and 19792 hotline
• + Professional indemnity for architects and engineers, plus public liability
• + 99% owned by Gulf Insurance Group

Cons

• − No published rates
• − No decennial liability listed on its product pages
• − Engineering page gives cover names, not limits or exclusions

State-owned Egyptian general insurer, founded 1934, with a full engineering line

Misr Insurance was founded in 1934 by Talaat Harb and is owned through Misr Holding for Insurance, whose shares Presidential Decree No. 102 of 2023 moved in full to The Sovereign Fund of Egypt, according to the company. Al Chark Insurance and the Egyptian Reinsurance Company merged into it in 2007. It is supervised by the Financial Regulatory Authority under licence No. 1 and says its paid-up capital is EGP 8 billion.

Pros

• + Engineering line covers CAR, EAR, contractors' plant and machinery, machinery breakdown
• + Owned via The Sovereign Fund of Egypt
• + Paid-up capital of EGP 8 billion (company figure)
• + FRA-supervised, licence No. 1

Cons

• − No published rates or online quote for engineering cover
• − Engineering page lists products, not limits or exclusions
• − No decennial liability listed on its engineering page
• − Branch count not published