Saudi Arabia's Company for Cooperative Insurance (Tawuniya) said it had estimated losses of SR30 million ($8 million) from flooding that killed 120 people in Jeddah in November, according to company statement. The losses included damage to factories, warehouses, shopping mall projects and roads, the Riyadh-based company, known as Tawuniya, said in a statement on its Web site dated Jan. 2. The insurer has tried to speed claims' settlements “to eliminate the hardships faced by its clients,” Tawuniya stated. Flooding on Nov. 25 destroyed 8,092 homes and 7,143 cars in and around Jeddah, Saudi Press Agency said. Saudi police detained eight senior officials at the mayor's office in the western city last month as part of a probe into the government's response to the flooding. Gulf insurers “are reviewing their underwriting terms and rates because of the increased risk from natural hazards in the region,” Fahad Al-Hesni, vice-president of property and casualty at Tawuniya, said in the statement. Restrictions “will be imposed” on terms, limits, deductibles and increases in rates, he added.
