KSA - Malath Cooperative signs ins. agreement with Riyad Bank
Thursday, 10 31 2019, Category: Banking, Country: Saudi Arabia
Malath Cooperative Insurance Company signed a vehicle insurance agreement with Riyad Bank at a value equivalent to 5% of the firm’s total annual sales. By means of the contract, the company will cover the insurance of the bank’s vehicles as per the agreed terms and provisions for one year starting from 1 November 2019, according to a disclosure to the Saudi Stock Exchange (Tadawul) on Wednesday.
The expected premiums for the contract will amount to 5% of the company’s total annual sales. As per the bourse statement, the impact of the deal cannot be determined accurately, as monthly insurance claims vary in value.