Walaa predicts positive impact from reinsurance cession mechanism

17/11/2024 Argaam
Logo ofWalaa Cooperative Insurance Co.

Logo of Walaa Cooperative Insurance Co.

Walaa Cooperative Insurance Co. expects the financial impact of implementing the new mechanism to cede reinsurance premiums to local reinsurance market to show staring Q1 2025, according to a statement to Tadawul.

 
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Walaa is licensed by the Insurance Authority (IA) to engage in reinsurance activities.

 

According to the IA circular, at least 30% of all reinsurance treaties (proportional and non-proportional) should be ceded to licensed reinsurance firms, Walaa in a statement to Tadawul.

 

The reinsurers are entitled to either approve or decline this cession, starting Jan. 1, 2025, according to a statement to Tadawul.

 

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