Insurance Coverage of Terror Attacks

JEDDAH, 17 December 2003 — National and foreign banks in the Kingdom have urged insurance companies provide policies to cover terrorist attacks in order to reduce the rate of risk on creditors. But Mousa Al-Rubaiaan, managing director of the National Company for Cooperative Insurance, said such policies would be expensive. “Insurance companies alone will not able to cover such policies without government support,” Al-Riyadh Arabic daily quoted him as saying.