UCA says GWPs negatively impacted in Q2 2020 on precautionary measures

19/07/2020 Argaam

United Cooperative Assurance Co. (UCA) said gross written premiums (GWPs) were impacted in the second quarter of 2020 due to COVID-19 pandemic, as well as the precautionary measures imposed by the government and adhered to by the company.

 

The company said in a bourse filing that it sought to offset the negative impact by boosting online sales and introducing measures to mitigate the fall in Q2 2020 sales for some branches.

 

It is, however, difficult to currently estimate the exact financial impact, the statement noted.

 

Meanwhile, UCA assured uninterrupted services to retail and corporate customers through its “work from home” model.

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