Allied Cooperative Insurance Group

PROFILE

All Praise to Allah, and the prayers on his Messenger, his family and companions.

I am pleased to introduce you to the Allied Cooperative Insurance Group (ACIG) corporate leaflet.

The insurance sector in the Kingdom, after the licensing of several companies had moved through a very important economic development and social dimensions, moved from the purely commercial nature, to a cooperative nature. The Commercial aspect of insurance companies is limited only to achieve profit through the management of cooperative insurance portfolios, that means the funds shared by individuals and companies to form the portfolios, in order to protect risks, is not owned by the companies, but the company carry out the management for the benefit of those participants, therefore, the difference is essential, and the accumulation of billions of riyals over the years is representing a great wealth for the benefit of the whole society and not for the benefit of the company owners.

Therefore, the supervisory and controlling policy is playing a vital role in the success of cooperative structure of this sector.

For that reason the message of the group, aims to make our company as a national cooperative insurance one with an international standards, representing the goals of the share holders and participants in business, and it will manage the portfolios to achieve the security to its participants, and provide a proper work environment.

The CEO Message

This message is released from the vision of the group as it is a company that provides administration services for the cooperative insurance portfolios, bound by the Sharia principles and the related laws, to achieve economic and social security for the society and its members.

In order to rooting the work of the Group in this modern financial sector, which requires enlightened Islamic jurisprudence and a progress in the practice within the field of Sharia rules, the company established a Sharia supervisory board headed by the scholar jurisprudent who having a great experience in contemporary jurisprudence, Sheikh Abdullah bin Bayyah, and the membership of two modern jurists Dr. Hani Abdel Shakur and Dr. Hassan Flemban.

The group has committed to be bound by the decisions of the international professional bodies, such as the body of accounting and auditing standards of the Islamic financial institutions, regarding the standards of accounting, auditing and discipline, which have been prepared very carefully to meet the requirements of the profession and the collective legitimacy opinion.

The founding shareholders, headed by the Islamic Development Bank, which is an international Islamic financial institution aimed at the societies development in the framework of the provisions of Islamic Sharia, looks with the public, who owns some shares of the group, looking forward to play a vital role in the management of the insurance portfolios for the benefit of the participants and to diminish their sufferance, and to face the perils which may hit the participants with the success granted by Allah almighty.

Finally, Allah is behind the intent, and we trust in him, and from Whom we are looking for the success and soundness.

BACKGROUND

About ACIGAllied Cooperative Insurance Croup (ACIG) is a Saudi joint stock company established in accordance with the Royal Decree dated 18 / 9 / 1427H with a paid up capital of SR 100,000,000. to provide Shari'a compliant cooperative insurance products like: Property, Motor, Medical, General Accident and Group life products.

ACIG is one of the companies approved by the Council of Cooperate Health Insurance (CCHI) to provide the Medical insurance coverage. ACIG is building its reputation in the Saudi Cooperative insurance market as a reliable partner who takes care of a large number of corporate as well as individual customers while working hand in hand with official and independent bodies to deliver high quality professional services that meet and exceed the customer's expectation.

MissionTo provide shari'ah compliant insurance solutions to the community and manage the risks in a manner that delivers value to all stakeholders.

VisionTo become the preferred cooperative insurance company in the region that provides security to customers and delivers value to employees and shareholders applying the highest international standards.

SHAREHOLDERS

Mr. Khaled Mohammed A. Al Bassam Chairman (Independent)

Eng. Mohammad Hani Abdul Kader Al Bakri Member

Mr. Hussam Talal El Ghazawi Member

Eng. Thamer Abdullah Al Rayees Member

Mr. Khamis Al Kazz Member

Eng. Sulaiman Bin Abdullah Alkhoraiji Member

Dr. Abdullatif Bin Mohammed Al Shaikh Member

Mr. Maged Bin Khaled Mozairei Member

Mr. Ali Bin Hassan Al Jasser Member

BOARD OF DIRECTORS

ACIG present a unique collection of co-operative insurance products which include all the traditional classes of general insurance and specialized risks. Our products, designed to meet your requirements, include:

MEDICAL INSURANCE

ACIG offers medical insurance program for the group and individuals in compliance with the rules and regulations of the Council of Cooperative Health Insurance (CCHI).

From pre-approval, to easy access to providers, to post care, ACIG continued commitment to service excellence is unparalleled in the market place.

At ACIG, customer care is one of our top priorities and our aim is to continuously exceed the expectation of our customers.

PRODUCTS

MOTOR VEHICLE INSURANCE

 ACIG's Comprehensive Motoi Vehicle Insurance (Private and Commercial) provides a complete protection to the insured for the loss or damage to his motor vehicle due to accident. It also covers legal liability of the insured for death or bodily injury and/or damage to property of third party arising out of the use of the insured vehicle.

In addition, our Private Motor Vehicle Insurance policy also pays for the reasonable emergency medical expenses for the driver or passenger incurred due to an accident of the insured vehicle.

Both (Private and Commercial) policies may be extended to cover Personal Accident benefits to the driver and unnamed passengers of the insured vehicle.

ACIG also provides Third Party Liability Motor Vehicle Insurance, which pays for the legal liability of the Insured to third party for bodily injury or death and/or damage to third party property due to an accident caused by the Insured's vehicle.

PRODUCTS

Money Insurance

This insurance provides coverage against loss of money and securities within the premises or sites declared. It also provides protection against loss of money while being transported and in the custody of the insured or his representatives. The policy can be extended to include damage to safe caused by thieves. 

Fidelity Insurance

This insurance provides protection to the Insured for financial loss he sustained due to fraud or dishonest acts committed by his employee(s) whether acting alone or in connivance with others.

 Personal Accident Insurance

This type of insurance provides benefits to the insured person or group of persons in the event of an accident resulting in injury or death or Permanent Total and Partial disability. ACIG policy of insurance may also be extended to cover emergency medical expenses incurred due to an accident.

 Public Liability Insurance

This policy provides protection to the insured for claims made by third parties for bodily injury or damage to property for which the insured is legally liable.

GENERAL INSURANCE

Workmen's Compensation Insurance

This policy covers liabilities of employers to pay specified compensation to any of its employees as imposed under the Labour Law who become incapacitated or unable to work due to a work related accident or sickness.

 Medical Malpractice Insurance

The Medical Malpractice Insurance covers professionals in the medical field which includes doctors, nurses, pharmacist, therapist, laboratory technicians and other healthcare professionals against legal liability for bodily injury to any patient due to error or negligence while engaged in the practice of their profession.

ACIG's Medical Malpractice Insurance Policy provides cover both for compensation to the patient or patient's legal representative (Private Right Recovery) and penalty imposed by a Judicial body payable to the Government (Public Right Recovery) as well as Income Support while remaining in the country without regular income for a maximum of three Gregorian months.

 Burglary/Theft Insurance

This policy provides indemnity for loss or damage to insured property due to illegal removal or taking away by any person or persons making unlawful entry or exit from the premises, by actual use of force or violence.

GENERAL INSURANCE

MARINE INSURANCE

 Marine cargo insurance covers risks associated with navigation and transportation to which a cargo may be lost or damage during the transit whether by sea, air or land. ACIG can provide the necessary cover for the goods (dry, frozen or bulk cargo) during the voyage from the warehouse of the supplier until the arrival at consignee's warehouse.

Contractor's All Risks InsuranceThe basic concept of a Contractor's All Risks Insurance is to offer comprehensive and adequate insurance protection against loss or damage to the construction project being undertaken (contract works) as well as to construction plant and equipment during the construction period. The cover includes legal liabilities to third parties in respect of loss or damage to property or bodily injury arising in connection with the execution of the contract works. ACIG can provide CAR insurance for almost all types of construction works. 

Erection All Risks InsuranceThis policy is similar to the CAR insurance but is mainly intended to cover projects for the erection of mechanical, electrical and chemical engineering projects in which plant and machinery are involved and where special hazards exist during testing and commissioning operations. It also covers the legal liability of the Insured against third party.

 Contractor's Plant and EquipmentThis policy covers the heavy equipment used in construction, industrial operations, including other types of operation such as farming and quarrying against unforeseen and sudden physical damage due to external causes. This includes equipment such as cranes, tractors, bulldozers, stationary equipment like compressors and generators, pay loaders and other mobile equipment that do not require government or land transportation registration. The policy can also be extended to cover third party liability.

ENGINEERING INSURANCE

ENGINEERING INSURANCE

Machinery Breakdown InsuranceThe policy covers the plant and machinery in a factory against any unforeseen and sudden physical loss or damage that necessitates repair or replacement from any cause other than those specifically excluded in the policy.

Loss of Profit Following Machinery BreakdownThe policy will indemnify for the loss of profits resulting from the interruption of production or business operations due to loss or damage to machinery, plant or equipment covered under the Machinery Breakdown Policy.

Deterioration of StocksThe policy insures against loss or damage to goods stored in Cold Storage due to rise or fall of temperature caused by the breakdown of the refrigerating machinery and equipment. Like the Loss of Profits following a Machinery Breakdown, this policy is issued in conjunction with the Machinery Breakdown Insurance.

Electronic Equipment InsuranceThe policy will indemnify for the cost of repairing or replacing insured electronic and ancillary items following loss or damage from any cause subject to certain exclusions similar to the Machinery Breakdown Policy. This is type of insurance is ideal for computers and other electronic equipment which represent high value risks that are concentrated to small spaces

PROPERTY INSURANCE

Fire and Allied Perils Insurance

The standard Fire Policy provides indemnity in the event of a loss resulting from damage to the insured property such as buildings, machinery and equipment, stocks, furniture and fixtures, appliances, personal effects and other fixed properties as a consequence of fire and lightning. This may be extended to include the additional perils of storm, earthquake, falling aircraft, riot and civil commotion, explosion, water damage, impact and sprinkler leakage. 

Property All Risks Insurance

This is a broader cover of the Fire and Allied Perils Policy. This Policy is set out to cover on an "all risks" of loss or damage other than those specifically excluded. This insurance is particularly recommended for medium to large risks in the industrial segment.

PROPERTY INSURANCE

Business Interruption Following Fire or property All Risks Insurance

The policy provides cover for loss of profits and additional expenses incurred following loss or damage to the property covered under the Fire and Allied Perils Policy or the Property All Risks Policy. 

Householder and Homeowners Insurance

This is a composite policy form designed for homeowners which covers loss or damage to the building and its contents due to fire and allied perils such as storm, tempest, earthquake, riot and civil commotion, burglary or theft. 

Plate Glass Insurance

This policy provides cover for the cost of replacing the property insured such as windows, doors, partitions following accidental breakage.

SECURITIES By  S&P By A.M Best

ACR Retakaful, Bahrain A- (Stable) A-

Best Re, Beirut BBB+ (Stable) B++ Good

GIC Dubai, UAE NR A-

Hannover Retakaful A (Stable) A-

Korean Re - Korea A- (Stable) A-

Mapfre Re Madrid AA (Negative) A+ (Superior)

Saudi Re BBB+ (Stable)

Swiss Re - Zurich A+ (Positive) A+ (Superior)

Takaful Re BBB (Stable) NR

Trust Re, Bahrain BBB+ (Stable) A-

ACIG is reinsuring with a panel of reinsurers which are considered to be among the best reinsurers in the world. The panel consists of:

REINSURANCE

CALL CENTER

 ACIG call center is considered as the main window for its clients to serve around the clock with all the insurance benefits. A CIG call center comprises with specialize customer care representatives team with state of the art system to serve all the ACIG clients in:

Receiving calls and inquiries from customers.

 Representing ACIG insurance products call:

8001246999

 Receiving complaints and suggestions, and for branches and departments kingdom wide:

920014999

 All related information is available at our website:

www.acig.com.sa

Branches

Jeddah, Riyadh, Al Khobar, Khamis Mushait

Thank You