Chubb Arabia renews SAR 48.7 m ins. deal with Sipchem
Monday, 11 02 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
Chubb Arabia Cooperative Insurance Co. (Chubb Arabia) received, on Nov. 1, the confirmation to renew its contract as the insurance provider for Sahara International Petrochemical Co. (Sipchem) for one year, effective Oct. 31, 2020.
Under the SAR 48.7 million contract, Chubb Arabia will provide insurance coverage for property damage and business interruption, in accordance with the terms and conditions agreed upon.
The contract is expected to have a positive impact on the company’s financial results for 2020-21, the insurer said in a bourse filing, adding that there are no related parties.
The company also confirmed that no preferential treatment has been given in this contract and it is within the normal business activity of the firm.