KSA - Al Sagr Ins. CEO says ‘worst is behind’
Saturday, 05 29 2021, Category: Insurance and Reinsurance, Country: Saudi Arabia
Al Sagr Cooperative Insurance Co. overcame the worst losses, backed by its transformation plan and corrective actions since the beginning of Q3 2020, CEO Sarran Abusaq told Argaam in a telephone interview.
Al Sagr worked on a comprehensive and administrative restructuring process to review the performance of its insurance portfolios and define the main reasons behind their negative performance.
The company also aimed at developing detailed growth plans, Abusaq said, expecting better results, especially in the medical insurance portfolio during the fourth quarter of 2021.
The medical insurance portfolio incurred massive losses in the last two years, with accumulated losses of over SAR 163 million, or 41% of capital, since the beginning of 2019. Therefore, Al Sagr reshaped the subscription strategy in the medical industry, as it will not only focus on the medical insurance of small and medium-sized enterprises (SMEs), but also on large companies.