Chubb Arabia renews SAR 52.8 mln insurance deal with Sipchem for 1 year

03/11/2021 Argaam

Logo of Chubb Arabia Cooperative Insurance Co.

Chubb Arabia Cooperative Insurance Co. received a confirmation to renew its contract as the insurance provider for Sahara International Petrochemical Co. (Sipchem) for one year, effective Oct. 31, 2021, according to a bourse filing.

 

Under the SAR 52.8 million contract, Chubb Arabia will provide insurance coverage for property damage and business interruption risks, in accordance with the agreed upon terms and conditions.

 

The contract is expected to have a positive impact on the company’s financial results for 2022, the insurer said, adding that the deal included no related parties.

 

The deal included no preferential privileges and came within the firm’s normal business activity.

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