Saudi Binladin makes insurance claim after crane disaster
United Cooperative Assurance says it will announce financial impact of the incident in Q4 financial statements
Saudi Arabia’s United Cooperative Assurance says it has received a claim from Saudi Binladin Group over the collapse of one of its cranes at the Grand Mosque in Mecca earlier this month, it was reported.
The Saudi-listed insurance firm said it received the claim on September 13, and it had appointed evaluators licensed by the Kingdom’s banking regulator to determine the damage caused in the incident, Reuters reported.
United Cooperative Assurance also said that it would announce any developments in due course. The estimated value and financial impact of the incident will appear in fourth-quarter financial statements.
At least 107 people were killed and hundreds injured when a crane collapsed on September 11 at the Grand Mosque in Mecca.
Poor weather conditions, namely heavy rain and strong winds, were to blame for the structure collapsing, Saudi authorities said.
Saudi monarch King Salman pledged to open an investigation into the causes of the accident on a visit to the site the day after the tragedy. Meanwhile, the Saudi Binladin Group has been barred from taking on new projects in the Kingdom during the investigation, and executives at the construction giant have been issued a travel ban.
