Al Sagr warns motor insurance sales halt to negatively impact 2025 results

20/02/2025 Argaam
Logo ofAl Sagr Cooperative Insurance Co.

Logo of Al Sagr Cooperative Insurance Co.

Al Sagr Cooperative Insurance Co. anticipates that the Insurance Authority's (IA) decision to halt sales of its mandatory motor insurance, effective Feb. 19, will negatively affect its 2025 financial performance, according to a statement on Tadawul.

 

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The suspension results from a breach of supervisory and regulatory instructions and deficiencies.

 

The company is currently unable to determine the extent of the financial impact.

 

Al Sagr aims to implement effective and practical corrective measures in coordination with the IA to ensure compliance with regulatory requirements.

 

New developments in this matter will be announced in due course.

 

According to data compiled by Argaam, the IA decided to suspend Al Sagr Insurance’s right to sell the mandatory motor insurance product as of Feb. 19 for violating the supervisory and regulatory rules and amid the board of directors’ failure to adopt effective governance procedures.

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