The high-profile suicide attacks in Riyadh last year sparked renewed questions in the international media and among lenders about the level of terrorism insurance cover in the kingdom. That was the headline news; but on the ground, phlegmatic Saudis and foreign expatriates take a more sanguine line. There is little sense of panic among Saudi-based companies, despite the serious threat posed by militant Jihadi insurgents.
“In reality, companies never ask for terrorism cover,” says Ali Subaihin, marketing director of National Company for Co-operative Insurance (NCCI), the kingdom’s sole official insurance operator. “Whenever there’s an incident, I always get calls from the press but never from clients.”
