Malath Cooperative Insurance Co. received, on Oct. 28, an auto insurance contract renewal letter from Bank Albilad for one year, starting from Nov. 1, 2020, the company said in a bourse statement.
Under this agreement, Malath will provide auto insurance coverage (lease financing program) for Bank Albilad according to the agreed upon terms and conditions.
The expected annual premiums of this contract represent 5% of the insurer’s annual sales, the company added, emphasizing that there are no related parties involved in the deal.
The financial impact of the agreement may not be accurately determined at the mean time as the value of monthly insurance claims received from the client varies, the statement added.
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