Business sector accounts for 95% of Allianz SF’s insurance contracts: CEO

The business sector represents 95% of Allianz Saudi Fransi Cooperative Insurance Co.’s insurance contracts, while retail clients account for the remaining 5%, Andreas Brunner, CEO and Managing Director, told CNBC Arabia.

Similarly to other industries, the insurance sector was hit by the COVID-19 pandemic. However on the positive side, motor claims have decreased due to the curfew, while the renewal of motor policies was negatively impacted.

Brunner stressed that the insurer maintained operations during the lockdown through remote working, noting that it is currently studying expanding its online presence and boosting digital transformation activities.

Elsewhere, Brunner said that Allianz SF’s capital hike aims to develop operations as determined by its strategic partners, particularly Banque Saudi Fransi.

Allianz SF’s shareholders recently approved the board of directors’ recommendation to raise capital from SAR 200 million to SAR 600 million through a rights issue, Argaam reported.