CHUBB Arabia renews insurance contract with Sipchem

07/11/2024 Argaam
Logo ofChubb Arabia Cooperative Insurance Co.

Logo of Chubb Arabia Cooperative Insurance Co.

CHUBB Arabia Cooperative Insurance Co. renewed today, Nov. 7, its insurance contract with Sahara International Petrochemical Co. (Sipchem), entailing coverage for property damage and business interruption risks under the previously-agreed terms.
 

In a Tadawul statement, the Saudi-listed insurer noted that the one-year contract value exceeds 10% of its gross written premiums (GWPs), based on the audited financial statement for 2023.

 
 
The deal is expected to positively impact CHUBB Arabia's financial results for 2024 and 2025. There are no related parties involved, it added, underlining that the contract terms align with its regular business activities.
 
CHUBB Arabia’s GWPs totaled SAR 350.87 million in 2023, according to Argaam's data.

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