Insurance sales significantly impacted by COVID-19, says spokesman for Saudi insurers

The sales of insurance policies in Saudi Arabia declined considerably over the last period due to the coronavirus outbreak, CNBC Arabia reported citing Adel Al-Issa, spokesman for insurance companies in Saudi Arabia.

He said this was reflected in various announcements by insurance companies related to the impact of the curfew imposed in the Kingdom.

Nevertheless, he added that the impact varies from one company to another, depending on their product offering.

As regards insurance companies’ move to extend the validity of expired insurance policies by 2 months without fee, Al-Issa said this reflects insurers’ solidarity with the broader community to combat the COVID-19 outbreak and its financial implications.