Al Sagr to resume compulsory vehicle insurance sales

22/06/2025 Argaam
Logo ofAl Sagr Cooperative Insurance Co.

Logo of Al Sagr Cooperative Insurance Co. 

Al Sagr Cooperative Insurance Co. announced that the Insurance Authority (IA) issued a decision, on June 19, lifting the suspension and allowing the company to resume selling the compulsory vehicle insurance product, according to a Tadawul statement.

 

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The IA also emphasized the need for continued compliance with all applicable laws, regulations, and instructions, in addition to taking necessary measures to prevent any recurrence of such violations.

 

The decision is expected to have a positive impact on the company’s performance, as compulsory vehicle insurance is one of its core and high-return products.

 

According to data available with Argaam, Al Sagr received a letter in February from the IA suspending the sale of compulsory vehicle insurance as of Feb. 19, 2025, due to supervisory violations and the board’s failure to implement effective governance practices.

 

The company had then anticipated that the decision would negatively affect its financial results for 2025.

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