AICC participates in war risks insurance pool: CEO

Ziad Alrubish, CEO of Arabia Insurance Cooperative Co. (AICC)

Ziad Alrubish, CEO of Arabia Insurance Cooperative Co. (AICC), said the company participates in the Saudi War Risks Insurance Pool for Cargo and Vessels.

The move is part of the company's efforts to support national initiatives aimed at developing the insurance sector and strengthening its capabilities in the Kingdom, Alrubish  said, adding that the insurer also seeks to expand its marine insurance business.

Speaking to Argaam, the CEO said the company views its participation in the pool as a long-term strategic commitment through which it seeks to leverage its expertise and technical capabilities to help build a strong and sustainable pool.

This, in turn, will support the Saudi market’s ability to absorb and manage a larger share of risks locally based on sound underwriting and technical principles.

He explained that establishing the Saudi War Risks Insurance Pool represents an important strategic step in developing the Kingdom’s marine insurance market, particularly amid geopolitical changes and heightened risk levels across several maritime routes.

The pool will provide a structured national mechanism for managing these risks, helping increase the capacity of the Saudi insurance market and strengthening its ability to provide insurance coverage during periods of heightened risk or volatility in global reinsurance markets, he said.