Chubb Arabia signs insurance contract with Sipchem

31/10/2019 Argaam

Chubb Arabia Cooperative Insurance Co. has signed on Oct. 31 an insurance agreement with Sahara International Petrochemical Co. (Sipchem) to provide coverage for property damage and business interruption risks, the insurer said in a bourse statement.

 

The contract value is 5 percent higher than the company's annual sales.

 

The policy will be valid for one year, starting from Nov. 1, 2019, under the agreed terms and conditions.

 

"The contract is expected to have a positive impact on the company's financial results for 2020,” Chubb added.

 

No related parties are involved in the deal, according to the statement.

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