Gulf General Insurance loses major SAR 50 mln account

24/12/2014 Argaam

The Gulf General Cooperative Insurance Company (GGI) said on Wednesday that its insurance agreement with Al Jazirah Vehicles Agencies Company will not be renewed next year.

Annual installments of the agreement will cost GGI SAR 50 million annualy, which represented about 13 percent of 2013’s gross written premiums, the company said in a filing to Tadawul.

GGI expects that its financial results will suffer in 2015 after the cancellation. 

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