Arabia Insurance Cooperative Co. (AICC) inked an insurance coverage agreement with Aljomaih Automotive Co., the insurer said in a bourse statement.
Under the one-year agreement, the Saudi-based insurer will provide Aljomaih with a comprehensive auto insurance coverage as of March 1, 2020.
The value of the contract cannot be accurately determined, as all the insured vehicles are subject to financing lease contracts. However, the contract value exceeds 5% of the company’s gross written premiums (GWPs) as per FY18 financial statements.
The relevant financial impact will appear on FY2020 financials.
The agreement included no relevant parties, the statement added.
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