Alinma Tokio Marine says Al-Morooj appeal in warehouse fire case rejected

Alinma Tokio Marine Co. (Alinma Tokio) said today that the Appeal Committee for Resolution of Insurance Disputes And Violations rejected the appeal claim submitted by Al-Morooj International in the warehouse fire case.

Thus, the insurance claim coverage of 0.51% will be cancelled, the insurer said in a bourse filing.

On Sept.5, 2017, Alinma Tokio announced a fire broke out in the warehouses of Al Morooj in Jeddah. By mid-September, the company had received an actuarial report putting preliminary losses from the fire at SAR 78 million.

However, the General Secretariat of Committees for Resolution of Securities Disputes dismissed the lawsuit filed by Al-Morooj International in December 2019 due to the lack of insurance coverage and violation of the policy guarantees.