Misr Insurance Company vs Suez Canal Insurance (SCI)

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

Egyptian insurer founded in 1979 under Arab Contractors and the Suez Canal Authority

Suez Canal Insurance says it was founded in October 1979 as Egypt's first private-sector insurer, under the umbrella of Arab Contractors and the Suez Canal Authority. It holds FRA licence No. 5 of 1979, says it has 29 branches across all governorates, and lists engineering, fire, marine, motor, medical and accident cover.

Pros

• + Engineering covers: CAR, EAR, civil works, contractors' plant, machinery breakdown, electronic equipment
• + 29 branches across all governorates (company figure)
• + Founded in 1979 with Arab Contractors and the Suez Canal Authority
• + Online enquiry form for each product

Cons

• − No published rates
• − No decennial liability listed on its engineering page
• − Current shareholders not stated on its site