Riyadh - Mubasher: Salama Cooperative Insurance Company received formal notification on 27 July regarding a fire incident at a facility owned by Alhamrani Fuchs Petroleum Saudi Arabia Limited.
The fire occurred on 25 July, at the insured site located in the industrial city of Yanbu.
In response to the claim, the insurer has appointed a loss adjuster licensed by the Insurance Authority to inspect the site and evaluate the resulting damages.
Salama Cooperative noted that the relevant insurance policy is reinsured with both local and international reinsurance providers.
Consequently, the company expects the net financial impact of the claim on its financial results to be limited.
The final extent of the damages and the total financial impact will be determined once the loss adjuster completes the investigation and assessment process.
The insurance firm stated it will disclose any material developments regarding the incident as they arise.
On 23 June, the company received final regulatory approval from the Insurance Authority to market and sell two specialized insurance products.
