Arab Reinsurance Company: a new dimension
Home   |   Sitemap   |   Contact us
Follow us on
Is Climate Litigation Covered by Insurance? - Social Inflation or Science: What Is Fueling Climate Litigation? - Fortegra Europe Opens Branch in Czech Republic - Vantage launches Construction and Political risk business - UK Insurers Cautiously Willing to Underwrite Fire Safety Risks - Insurtech Foxquilt Raises $8M to Expand Small Business Offering in U.S. and Canada - Speciality Re/Insurer Convex Launches European Subsidiary With A- Rating From S&P - Debt surge in emerging markets may hurt insurance outlook: Swiss Re - Zurich Insurance Weighs Selling Some Australian Non-Core Assets - Reinsurers Face Major Claims Uncertainties, but Reap Benefits of Pricing Tailwinds - Corvus, SiriusPoint announce investment & underwriting capacity partnership - Munich Re backs energy storage systems provider ESS - Climate Change Could Force 200 Million People to Leave Their Homes by 2050 - Work of the scientific community and re/insurers needed to assess climate change: Lloyd’s - Gallagher Re Touts Advanced Integrated Reinsurance Analytics Platform - London Financial Employees Return to Offices Despite Rising Virus Cases - P/C Reinsurers Maintain Underwriting Discipline, Despite Rising Capacity: Guy Carpenter - Britain Looks to Revisit Data Privacy Regulations - WTW, Applied Systems target real-time pricing enhancements - Reinsurance environment “most attractive in a decade”: SCOR’s Launay - Willis Towers Watson’s New CEO Says It Has $5 Billion for Possible Acquisitions - Lloyd’s Reports H1 2021 Profit of £1.4B ($1.9B), with 92.2% Combined Ratio - Global Reinsurers Shoulder ‘Considerable Burden’ of COVID-19 Claims - “Inflation is the enemy of the re/insurance industry,” says Swiss Re CFO Léger - Global Reinsurance Rates, Demand to Continue Rising in 2022: Moody’s - Prudential’s Michael Koller joins MS Amlin as Chief Risk Officer - Rates need to and will harden further: Swiss Re CEO Mumenthaler - Russia’s Renaissance Insurance Plans $1 Billion IPO in Moscow: Reuters
Search Search
World News & Events
Enlarge Font Minimize Font

KSA - Al Sagr Insurance posts smaller loss in Q1

Monday, 05 24 2021, Category: Insurance and Reinsurance, Country: Saudi Arabia
RIYADH: Al Sagr Cooperative Insurance Co. posted a narrower first-quarter loss as it worked to turn around its loss-making medical portfolio.

Net losses fell to SR39.9 million ($10.6 million) from SR58.4 million in the first quarter of 2020, but were higher than the SR30.3 million loss reported for the final quarter of last year, Al Sagr said in a filing to the Saudi stock exchange.

Gross written premiums dropped 29 percent from a year earlier to SR68.8 million and by 10.5 percent from the prior quarter.

“The main reason for reaching this level of accumulated losses since 2019 is the deterioration of performance and management of the health insurance portfolio which has resulted in substantial increase in the medical portfolio’s net claims and other benefits incurred,” Al Sagr said in the filing. “Hence, the company will be subject to Capital Market Authority’s (CMA) regulations regarding listed companies with accumulated losses exceeding 35 percent of capital or more.”

Source: Arab News
All copyrights reserved, Arab Reinsurance 2016 ©