ACIG Insurance Company Tennessee(Mo)

ACIG Insurance Company is a national cooperative insurance company that offers a wide range of insurance products and services to individuals and businesses in Saudi Arabia.

ACIG was established in 1981 by three construction companies that wanted to create a stable and reliable insurance market for contractors. ACIG is now a leading insurance provider in the country with a network of quality contractors and a customer care center that operates seven days a week

Company contact details:

ACIG Insurance Company services and products:

• Types of insurance offered: ACIG offers a wide range of insurance products for both personal and commercial needs, such as:
  • Motor insurance, which covers third-party liability, comprehensive, and medical malpractice.
  • Medical insurance, which covers the costs of medical treatment and provides medical services.
  • Property insurance, which covers risks related to fire, burglary, business interruption, and terrorism.
  • Travel insurance, which covers risks related to travel, such as medical expenses, personal accident, baggage loss, and trip cancellation.
  • Home insurance, which covers risks related to your home, such as fire, theft, natural disasters, and liability.
• Special packages or bundled services: ACIG offers some special packages or bundled services for its customers, such as:
  • Corporate medical insurance package, which provides comprehensive medical coverage for employees and their dependents.
  • Motor fleet insurance package, which provides comprehensive motor coverage for a large number of vehicles under one policy.
  • Engineering project insurance package, which provides comprehensive engineering coverage for a specific project under one policy.
• International coverage: ACIG provides international coverage for some of its products, such as:
  • Travel insurance, which covers worldwide travel destinations except for countries under sanctions or war zones.
  • Marine insurance, which covers worldwide marine voyages except for countries under sanctions or war zones.
• Temporary or short-term policies: ACIG provides temporary or short-term policies for some of its products, such as:
  • Travel insurance, which covers the duration of the trip up to a maximum of 180 days per policy.
  • Visitor insurance, which covers the duration of the visit up to a maximum of 365 days per policy.

ACIG Insurance Company Financial Details:

• Premium costs: The premium costs of ACIG insurance products vary depending on the type of insurance, the coverage, and the risk factors. You can calculate the approximate insurance price for your vehicle by using their online calculator or by contacting their customer care center.
• Payment options: ACIG offers different payment options for its customers, such as:
  • Online payment, which allows you to pay your premium online using your credit card or bank account.
  • Direct debit, which allows you to authorize ACIG to deduct your premium from your bank account automatically.
  • Cash payment, which allows you to pay your premium in cash at any of their branches or authorized agents.
  • Cheque payment, which allows you to pay your premium by cheque at any of their branches or authorized agents.
• Discounts and promotional offers: ACIG offers some discounts and promotional offers for its customers, such as:
  • No-claim discount, which allows you to get a discount on your motor comprehensive insurance premium if you have not made any claims in the previous year.
  • Loyalty discount, which allows you to get a discount on your motor comprehensive insurance premium if you have been insured with ACIG for more than one year.
  • Family discount, which allows you to get a discount on your medical insurance premium if you insure more than one family member with ACIG.
  • Group discount, which allows you to get a discount on your medical insurance premium if you insure more than 10 employees with ACIG.
• Claim payout ratio: The claim payout ratio of ACIG insurance company is the percentage of claims that are paid out by the company compared to the total amount of premiums collected. According to their annual report for 2020, their claim payout ratio was 69.5%, which means that they paid out 69.5 riyals for every 100 riyals of premiums collected. This indicates that they have a high level of customer satisfaction and financial stability.

How to file a claim with ACIG Insurance Company?

1. Contact the customer care center of ACIG Insurance Company by calling 920012331 or 8001246999 (toll free) or +966 12 225 5444 (international) or emailing customercare@acig.com.sa. You can also visit one of their branches or use their mobile application to report your claim.
2. Provide the necessary information and documents related to your claim, such as your policy number, personal details, details of the incident, photos, receipts, invoices, etc. You can also upload your documents online through the ACIG website or mobile application.
3. Wait for the confirmation and reference number of your claim from ACIG Insurance Company. You can track the status of your claim online through the ACIG website or mobile application or by contacting the customer care center.
4. Cooperate with the ACIG Insurance Company staff and adjusters who will assess your claim and determine the amount of compensation you are entitled to.
5. Receive your payment from ACIG Insurance Company after your claim is approved and settled.

ACIG Insurance Company History:

• History and founding year: ACIG Insurance Company was established in 2006 as a Saudi joint stock company with a paid-up capital of SR 200 million. It is a cooperative insurance company that provides various insurance products and services for individuals and businesses.
• Annual report: The latest annual report of ACIG insurance company is for the year ended 31 December 2020. It contains the financial statements, the independent auditors’ report, the board of directors’ report, the corporate governance report, and other information about the company’s performance and activities. You can access the annual report from this link.
• Financial stability ratings: ACIG insurance company has been rated by A.M. Best, a global credit rating agency that specializes in the insurance industry. As of October 20, 2022, ACIG Insurance Company has a financial strength rating of A (Excellent) and a long-term issuer credit rating of A+. Both ratings have a stable outlook, which means that they are unlikely to change shortly. The ratings reflect the company’s strong balance sheet, profitable operating performance, favorable business profile, and appropriate enterprise risk management.
• Market share and company size: According to the Saudi Arabian Monetary Authority (SAMA), ACIG Insurance Company had a market share of 3.1% in terms of gross written premiums in the Saudi insurance market as of 31 December 2020. This ranked it as the sixth largest among the 33 insurance companies operating in the Kingdom. The company had total assets of SR 1,446 million, total liabilities of SR 1,057 million, total equity of SR 389 million, and net income of SR 66 million for the year 2020.

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