Riyadh – Mubasher: Chubb Arabia Cooperative Insurance Company has renewed an insurance contract with Sahara International Petrochemical Company (Sipchem) as per the agreed-upon conditions.

Under the deal, Chubb Arabia will provide Sipchem with insurance coverage for property damage and business interruption risks for SAR 48.7 million, according to a bourse statement on Monday.

The deal is effective for one year starting from 31 October 2020.  

Moreover, the insurer expects the deal to reflect positively on its financial statements for 2020/2021.