Riyadh – Mubasher: Chubb Arabia Cooperative Insurance Company has received a renewal confirmation for the SAR 52.8 million insurance coverages contract from Sahara International Petrochemical Company (SIPCHEM).

Under the one-year contract, Chubb Arabia will provide insurance coverage for property damage and business interruption risks, according to a recent bourse filing.

The contract is expected to have a positive impact on the company's financial results for 2022.

It is noteworthy to mention that during the first half (H1) of 2021, the company announced a 56% plunge in net profits before Zakat to SAR 6.74 million from SAR 15.4 million in H1-20.