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FinancialNews
18-04-21
Saudi’s insurance sector ends 2020 on high note
(MENAFN)Data compiled by the financial news service Argaam showed that the Kingdom’s insurance sector ended 2020 on a high note with the total net profit of local insurance firms, except for the Saudi Indian Company for Cooperative Insurance, increasing to SR1.443 billion (USD0.38 billion) in Q4, an improvement of 47 percent annual.
There were 13 insurers recording higher profits in last year, managed by the Mediterranean and Gulf Insurance and Reinsurance Co. the Saudi Arabian Cooperative Insurance Co., which improved 545 percent, and the Gulf General Cooperative Insurance Co.
As the pandemic triggered commotion for most industries, the Saudi government intervened and provided relief by opting to pay for the treatment of all COVID-19 patients, stated KPMG.
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