Bupa Arabia inks insurance deal with NCB

06/12/2020 Argaam

Bupa Arabia for Cooperative Insurance Co. inked today, Dec. 6, 2020, an insurance agreement with the National Commercial Bank (NCB) to provide health insurance services to the bank’s staff and their dependents for one year as of Jan. 1, 2021, the insurer said in a bourse filing.

 

Zaid Abdulrahman Abdullah Algwaiz, a board & audit committee member at Bupa Arabia and a board member at NCB, is a related party in the deal.

 

The contract will likely have a positive impact on the insurer’s financials for FY21, as the initial value of the contract exceeds 1% of FY19 annual gross written premium (GWPs) of Bupa Arabia.

 

The contract is subject to the approval of the upcoming general meeting.

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