CHUBB Arabia renews Insurance Contract with SIPCHEM for ‎SR53 mln

CHUBB Arabia for Cooperative Insurance Co. announced that it had received an approval from Sahara International Petrochemical Company (SIPCHEM), to renew a contract to provide insurance coverage at a value of 53.14 million riyals, according to the agreed terms and specifications.

It explained that the renewal of the contract includes providing insurance coverage for the risks of damage to property and business interruption, for a period of one year, starting from 10/31/2022.

The company expects the contract to have a positive impact on the company’s financial results for the year 2022/2023, and hereby confirms that no preferential treatment has been granted in this contract and that it is within the company’s normal business activity.