Logo of CHUBB Arabia Cooperative Insurance Co.
CHUBB Arabia Cooperative Insurance Co. received today, Nov. 1, the insurance contract renewal confirmation from Sahara International Petrochemical Co. (Sipchem). The contract renewal covered insurance coverage for property damage and business interruption risks, in accordance with the terms and conditions agreed upon.
The contract is valued at SAR 53.14 million and is valid for one year from Oct. 31, 2022, CHUBB Arabia said in a statement to Tadawul, expecting it to have a positive financial impact on its results for the fiscal year 2022/23.
There are no related parties to the contract. No preferential treatment has been given under this contract and it falls within the company’s normal business activity, CHUBB Arabia added.
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