Riyadh – Mubasher: Chubb Arabia Cooperative Insurance Company on Monday announced a contract sign off with Khair Inorganic Chemical Industries Company (InoChem).

Chubb was awarded the contract on 19 January, under which it will provide various insurance coverages to the construction of soda ash and calcium chloride production complex project for InoChem at Ras Al Khair Industrial City, according to a statement to the Saudi Stock Exchange (Tadawul).

The project’s total gross written premium is SAR 14.81 million, an amount that is more than 5% of the total revenue of Chubb Arabia as per the audited financial statements for 2018, the statement noted.

Moreover, the project period is about four years, specifically from 15 January 2020 to 1 February 2023.

The financial impact of the contract will be appearing in Chubb Arabia’s financial results starting from the first quarter (Q1) of 2020.