The CEO MessageAll 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 veryimportant economic development and social dimensions, moved from the purely commercial nature, to acooperative nature. The Commercial aspect of insurance companies is limited only to achieve profitthrough the management of cooperative insurance portfolios, that means the funds shared by individualsand companies to form the portfolios, in order to protect risks, is not owned by the companies, but thecompany carry out the management for the benefit of those participants, therefore, the difference isessential, and the accumulation of billions of riyals over the years is representing a great wealth for thebenefit 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 cooperativestructure of this sector.For that reason the message of the group, aims to make our company as a national cooperative insuranceone with an international standards, representing the goals of the share holders and participants inbusiness, and it will manage the portfolios to achieve the security to its participants, and provide a properwork environment.
This message is released from the vision of the group as it is a company that provides administrationservices for the cooperative insurance portfolios, bound by the Sharia principles and the related laws, toachieve 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 enlightenedIslamic jurisprudence and a progress in the practice within the field of Sharia rules, the companyestablished a Sharia supervisory board headed by the scholar jurisprudent who having a great experiencein contemporary jurisprudence, Sheikh Abdullah bin Bayyah, and the membership of two modern juristsDr. Hani Abdel Shakur and Dr. Hassan Flemban.The group has committed to be bound by the decisions of the international professional bodies, such as thebody of accounting and auditing standards of the Islamic financial institutions, regarding the standards ofaccounting, auditing and discipline, which have been prepared very carefully to meet the requirements ofthe profession and the collective legitimacy opinion.The founding shareholders, headed by the Islamic Development Bank, which is an international Islamicfinancial institution aimed at the societies development in the framework of the provisions of IslamicSharia, looks with the public, who owns some shares of the group, looking forward to play a vital role in themanagement 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 andsoundness.
BACKGROUNDAbout ACIGAllied Cooperative Insurance Croup (ACIG) is a Saudi joint stock company established inaccordance with the Royal Decree dated 18 / 9 / 1427H with a paid up capital of SR100,000,000. to provide Sharia 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) toprovide the Medical insurance coverage. ACIG is building its reputation in the Saudi Cooperativeinsurance market as a reliable partner who takes care of a large number of corporate as well asindividual customers while working hand in hand with official and independent bodies todeliver high quality professional services that meet and exceed the customers expectation.MissionTo provide shariah compliant insurance solutions to the community and manage the risks in amanner that delivers value to all stakeholders.VisionTo become the preferred cooperative insurance company in the region that provides security tocustomers and delivers value to employees and shareholders applying the highest internationalstandards.
SHAREHOLDERS Islamic Development Bank (IDB), 20%Public, 40% ACIG Bahrain, 20% Various Others, 16% SNAS, 4%
BOARD OF DIRECTORSMr. Khaled Mohammed A. Al Bassam Chairman (Independent)Eng. Mohammad Hani Abdul Kader Al Bakri MemberMr. Hussam Talal El Ghazawi MemberEng. Thamer Abdullah Al Rayees Member Mr. Khamis Al Kazz MemberEng. Sulaiman Bin Abdullah Alkhoraiji MemberDr. Abdullatif Bin Mohammed Al Shaikh MemberMr. Maged Bin Khaled Mozairei MemberMr. Ali Bin Hassan Al Jasser Member
PRODUCTSACIG present a unique collection of co-operative insurance products which include all thetraditional classes of general insurance and specialized risks. Our products, designed to meetyour requirements, include:MEDICAL INSURANCEACIG offers medical insurance program for the group and individuals in compliance with therules and regulations of the Council of Cooperative Health Insurance (CCHI).From pre-approval, to easy access to providers, to post care, ACIG continued commitment toservice excellence is unparalleled in the market place.At ACIG, customer care is one of our top priorities and our aim is to continuously exceed theexpectation of our customers.
PRODUCTSMOTOR VEHICLE INSURANCE ACIGs Comprehensive Motoi Vehicle Insurance (Private and Commercial) provides a completeprotection to the insured for the loss or damage to his motor vehicle due to accident. It alsocovers legal liability of the insured for death or bodily injury and/or damage to property of thirdparty arising out of the use of the insured vehicle.In addition, our Private Motor Vehicle Insurance policy also pays for the reasonable emergencymedical 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 tothe driver and unnamed passengers of the insured vehicle.ACIG also provides Third Party Liability Motor Vehicle Insurance, which pays for the legalliability of the Insured to third party for bodily injury or death and/or damage to third partyproperty due to an accident caused by the Insureds vehicle.
GENERAL INSURANCEMoney InsuranceThis insurance provides coverage against loss of money and securities within the premises orsites declared. It also provides protection against loss of money while being transported and inthe custody of the insured or his representatives. The policy can be extended to include damageto safe caused by thieves.Fidelity InsuranceThis insurance provides protection to the Insured for financial loss he sustained due to fraud ordishonest acts committed by his employee(s) whether acting alone or in connivance with others.Personal Accident InsuranceThis type of insurance provides benefits to the insured person or group of persons in the eventof an accident resulting in injury or death or Permanent Total and Partial disability. ACIG policyof insurance may also be extended to cover emergency medical expenses incurred due to anaccident.Public Liability InsuranceThis policy provides protection to the insured for claims made by third parties for bodily injuryor damage to property for which the insured is legally liable.
GENERAL INSURANCEWorkmens Compensation InsuranceThis policy covers liabilities of employers to pay specified compensation to any of its employees asimposed under the Labour Law who become incapacitated or unable to work due to a work relatedaccident or sickness.Medical Malpractice InsuranceThe Medical Malpractice Insurance covers professionals in the medical field which includesdoctors, nurses, pharmacist, therapist, laboratory technicians and other healthcare professionalsagainst legal liability for bodily injury to any patient due to error or negligence while engaged in thepractice of their profession.ACIGs Medical Malpractice Insurance Policy provides cover both for compensation to the patient orpatients legal representative (Private Right Recovery) and penalty imposed by a Judicial body payableto the Government (Public Right Recovery) as well as Income Support while remaining in the countrywithout regular income for a maximum of three Gregorian months.Burglary/Theft InsuranceThis policy provides indemnity for loss or damage to insured property due to illegal removal or takingaway by any person or persons making unlawful entry or exit from the premises, by actual use of forceor violence.
MARINE INSURANCE Marine cargo insurance covers risks associated with navigation and transportation to which acargo may be lost or damage during the transit whether by sea, air or land. ACIG can provide thenecessary cover for the goods (dry, frozen or bulk cargo) during the voyage from the warehouseof the supplier until the arrival at consignees warehouse.
ENGINEERING INSURANCEContractors All Risks InsuranceThe basic concept of a Contractors All Risks Insurance is to offer comprehensive and adequateinsurance protection against loss or damage to the construction project being undertaken (contractworks) as well as to construction plant and equipment during the construction period. The coverincludes legal liabilities to third parties in respect of loss or damage to property or bodily injuryarising in connection with the execution of the contract works. ACIG can provide CAR insurance foralmost 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 erectionof mechanical, electrical and chemical engineering projects in which plant and machinery areinvolved and where special hazards exist during testing and commissioning operations. It alsocovers the legal liability of the Insured against third party. Contractors Plant and EquipmentThis policy covers the heavy equipment used in construction, industrial operations, including othertypes of operation such as farming and quarrying against unforeseen and sudden physical damagedue to external causes. This includes equipment such as cranes, tractors, bulldozers, stationaryequipment like compressors and generators, pay loaders and other mobile equipment that do notrequire government or land transportation registration. The policy can also be extended to coverthird party liability.
ENGINEERING INSURANCEMachinery Breakdown InsuranceThe policy covers the plant and machinery in a factory against any unforeseen and suddenphysical loss or damage that necessitates repair or replacement from any cause other thanthose specifically excluded in the policy.Loss of Profit Following Machinery BreakdownThe policy will indemnify for the loss of profits resulting from the interruption of productionor business operations due to loss or damage to machinery, plant or equipment covered underthe Machinery Breakdown Policy.Deterioration of StocksThe policy insures against loss or damage to goods stored in Cold Storage due to rise or fall oftemperature caused by the breakdown of the refrigerating machinery and equipment. Like theLoss of Profits following a Machinery Breakdown, this policy is issued in conjunction with theMachinery Breakdown Insurance.Electronic Equipment InsuranceThe policy will indemnify for the cost of repairing or replacing insured electronic and ancillaryitems following loss or damage from any cause subject to certain exclusions similar to theMachinery Breakdown Policy. This is type of insurance is ideal for computers and otherelectronic equipment which represent high value risks that are concentrated to small spaces
PROPERTY INSURANCEFire and Allied Perils InsuranceThe standard Fire Policy provides indemnity in the event of a loss resulting from damage tothe insured property such as buildings, machinery and equipment, stocks, furniture andfixtures, appliances, personal effects and other fixed properties as a consequence of fire andlightning. This may be extended to include the additional perils of storm, earthquake, fallingaircraft, riot and civil commotion, explosion, water damage, impact and sprinkler leakage.Property All Risks InsuranceThis 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 isparticularly recommended for medium to large risks in the industrial segment.
PROPERTY INSURANCEBusiness Interruption Following Fire or property All Risks InsuranceThe policy provides cover for loss of profits and additional expenses incurred following loss ordamage to the property covered under the Fire and Allied Perils Policy or the Property AllRisks Policy.Householder and Homeowners InsuranceThis is a composite policy form designed for homeowners which covers loss or damage to thebuilding and its contents due to fire and allied perils such as storm, tempest, earthquake, riotand civil commotion, burglary or theft.Plate Glass InsuranceThis policy provides cover for the cost of replacing the property insured such as windows,doors, partitions following accidental breakage.
REINSURANCEACIG is reinsuring with a panel of reinsurers which are considered to be among the bestreinsurers in the world. The panel consists of: SECURITIES By S&P By A.M BestACR Retakaful, Bahrain A- (Stable) A-Best Re, Beirut BBB+ (Stable) B++ GoodGIC 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) NRTrust Re, Bahrain BBB+ (Stable) A-
CALL CENTER ACIG call center is considered as the main window for itsclients to serve around the clock with all the insurancebenefits. A CIG call center comprises with specialize customercare representatives team with state of the art system to serveall the ACIG clients in:Receiving calls and inquiries from customers.Representing ACIG insurance products call:8001246999 Receiving complaints and suggestions, and for branches anddepartments kingdom wide:920014999All related information is available at our website:www.acig.com.sa Branches Jeddah, Riyadh, Al Khobar, Khamis Mushait