Al Sagr Cooperative Insurance Co. expects higher motor insurance gross written premiums (GWPs), due to the General Traffic Department’s declaration regarding the compulsory vehicle insurance, according to a bourse statement on Thursday.
The announcement follows the traffic department’s announcement of the completion of the automated linking of vehicle insurance procedures with the National Information Center.
The automatic issuance of traffic violations resumes from July 22, 2020.
It is currently difficult to assess the relevant financial impact, the insurer said, adding that any developments will be announced in due course.
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