CHUBB Arabia receives Sipchem’s claim notice over subsidiary fire

Logo of CHUBB Arabia Cooperative Insurance Co.

CHUBB Arabia Cooperative Insurance Co. received a claim notification from Sahara International Petrochemical Co. (Sipchem) on the fire incident that broke out in one of its subsidiaries, Saudi Specialized Products Co. (Wahaj), in Hail City, on Aug. 29.

The insurer appointed a Saudi Central Bank (SAMA) approved loss adjuster to assess the damage in accordance with the terms and

conditions of the policy, the company said in a bourse statement.

CHUBB Arabia has adequate reinsurance to protect the exposure and will announce any further developments related to the incident in due course.

Earlier this week, Sipchem said that a fire broke out, on Aug. 29, in Wahaj during the trial run period with no injuries or casualties, Argaam reported.