LIVA sees higher revenues on applying reinsurance cession

17/11/2024 Argaam
Logo ofLIVA Insurance Co.

Logo of LIVA Insurance Co.

LIVA Insurance Co. expected the implementation of the new mechanism for reinsurance premiums cession to the local market to boost its revenues.

 

The company said in a statement on Tadawul that a positive financial impact is projected to appear as of Q1 2025.

 

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In a statement to Tadawul, the company said this development follows an Insurance Authority (IA) circular dated November 14, 2024.

 

The circular requires the cession of at least 30% of reinsurance premiums to the local market for 2025. This applies to all reinsurance treaties at the negotiation stage and to each risk associated with facultative reinsurance (both proportional and non-proportional), effective Jan. 1, 2025.

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