CHUBB Arabia signs insurance contract with Saudi Electricity

CHUBB Arabia Cooperative Insurance Co. said it signed on Dec. 29 a contract with Saudi Electricity Co. (SEC) to provide various insurance coverages under agreed terms and conditions.

In a statement to Tadawul, the company said the contract value does not exceed 10% of its total insurance revenue, based on audited financial statements for 2024.

The deal, which is valid for 38 months, is expected to have a positive impact on the company’s financial results for 2025/2026. The insurer added that no related parties are involved in the deal.

CHUBB Arabia also said the contract was awarded without preferential treatment and falls within the insurer’s normal course of business.

According to Argaam data, the company's 2024 insurance revenue reached nearly SAR 383.41 million, implying that the contract value does not exceed SAR 38.34 million.