Arabia insurance pays SAR 201m to Zahid Tractor as compensation for the gas tanker explosion in Riyadh

02/04/2014 Argaam

Arabia Insurance Cooperative Company (AICC) fully paid the indemnity amount of SAR 201m to Zahid Tractor and Heavy Machinery Company Ltd.

The amount is related to the gas tanker explosion accident in Riyadh, back in November 2012.

 

“The payment of this claim will not have a material effect on the company’s financials as 99.51% of losses arising from that accident are reinsured”; AICC said in a filing to Tadawul today.

The Company expects to realize the financial impact of this payment on Q1 of 2014’s financials.

On November 1st, 2012, Riyadh witnessed an explosion of a gas tanker belonging to “National Gas & Industrial Co.”. the accident resulted in significant human and physical losses; data compiled by Argaam showed.

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