Arabian Shield Cooperative Insurance Co. said that gross written premiums (GWPs) from individual insurance policies in addition to other sales channels were impacted by the precautionary measures taken by the Saudi authorities to curb the COVID-19 outbreak.
The company added in a bourse statement that it tried to mitigate the negative impactof lower sales in Q2 2020 by raising corporate insurance sales, enhancing e-sales platform in addition to taking other measures.
It is presently difficult to assess the financial impact of the measures, the statement added.
In April, the insurer said that the precautionary measures taken by the Saudi authorities to curb the COVID-19 outbreak, including a 24-hour lockdown in several cities, could weigh on the insurance policies’ sales, hence, impact the gross written premiums, according to data compiled by Argaam.
Comments
{{DisplayName}}
{{ElapsedTime}}