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06-04-14

Saudi AICC pays USD53 m damages claimed by Zahid Tractor

(MENAFN) Damages claimed by Zahid Tractor & Heavy Machinery Co. have cost Arabia Insurance Cooperative Co. (AICC) as much as USD53.58 million on a gas truck explosion in 2012, according to Arab News. Local media reported that 26 people died in the explosion and other 111 injured after a fuel truck crashed into a concrete flyover and exploded in eastern Riyadh, where the buildings of Zahid Tractor were located. The payment is not expected to affect AICC financial position as the losses emerging from the incident are re-insured by 99.51 percent at a re-insurance company.