Inherent Defects Insurance: Saudi Re to reinsure Malath Insurance Company

saudi reOn August 9, 2020, Saudi Re has signed an exclusive five-year reinsurance contract with Malath Insurance Company. The Saudi company is now the unique reinsurer of the Inherent Defects Coinsurance Program in construction and public works.

The Inherent Defects Insurance (IDI) is compulsory and shall be imposed on promoters and contractors of the private sector. It is believed to promote the growth of the Saudi P&C activity.

Read also | Malath Insurance to market the first construction policy in the KSA

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