Arabian Shield to pay SAR 1 mln out of Almarai fire settlement

29/06/2015 Argaam

Arabian Shield Cooperative Insurance said it will only pay SAR 1 million, or 3 percent, of the SAR 790 million settlement reached on Sunday with Almarai Company, as the remaining amount will be paid by other reinsurance firms.

 

Almarai, the Gulf’s largest dairy producer, said earlier it has settled on a final amount of SAR 790 million as compensation from its insurance company over fire damage to its bakeries in in Jeddah in October.

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