Wafa Insurance expects sales increase after ban lift

Saudi Arabian Monetary Authority’s (SAMA) approval allowing Saudi Indian Company for Cooperative Insurance (Wafa Insurance) to issue and renew mandatory auto insurance policies is expected to lead to a sales increase in 2018, the insurer said.

On Thursday, SAMA had lifted the ban on Wafa, allowing it to issue new auto insurance policies and renew existing ones starting December 28.

The ban was enforced last August by SAMA, due to Wafa’s weak internal controls and compliance management, as well as non-compliance with regulations over the issuance of mandatory auto policies, data compiled by Argaam showed.