Mubasher TV
Contact Us Advertising   العربية

United Assurance denies material impact from Mecca crane crash

United Assurance denies material impact from Mecca crane crash
Photo Archive
UCA
8190
15.38% 10.20 1.36

Riyadh-Mubasher: United Cooperative Assurance (UCA) said its financial results will not be impacted by Mecca crane collapse earlier this month, in which at least 107 people died and 238 were wounded.

Saudi Arabia suspended construction giant Saudi Binladin Group (SBG), which carries out the construction works outside Mecca holy mosque, from taking new contracts and its officials were banned from travelling after this deadly crash.

UCA said the reinsurance agreements cover more than 98% of its coverage for SBG, which accordingly limits the net amount claimed from UCA after reinsurers repay their shares, the company said in a bourse statement on Tuesday.  

The amount will be set after receiving the final report from inspectors on the damage.

 The Tadawul-listed insurer forecasts the relevant financial impact to reflect on the third- quarter financials, rather than those related to the fourth quarter as previously announced.