Alinma Tokio Marine Co. said it received information on claims for flood-damage to cars belonging to Al Jazirah Vehicles Agencies, the company said in a statement to the Saudi bourse, Tadawul.
Cunningham Lindsay Saudi Ltd., loss adjusters licensed by the Saudi Arabian Monetary Agency, the kingdom’s central bank, has undertaken the loss assessment coverage, noting that the damaged properties were under the insurer’s property all risk policy coverage.
Alinma Tokio Marine said the retention ratio is expected to reach 0.031 percent, with a limited financial impact on its earnings.
Alinma Tokio Marine is a joint stock company with a paid-up capital of SAR 450 million, transacting most lines of insurance business in Saudi Arabia. Alinma Bank, Tokio Marine & Nichido Fire Insurance Co. (Japan), SABIC Industrial Investment are among its major shareholders.
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