Walaa explains how its total GWPs were impacted amid COVID-19 measures

Walaa Cooperative Insurance Co. announced its gross written premiums (GWPs) of retail business had been significantly impacted during Q2 2020 due to restrictions imposed by authorities and precautionary measures adopted by the company.

It further explained in a bourse statement that this impact was offset by new business secured from the corporate segment.

The company said it continues to provide uninterrupted services to retail and corporate customers through the “working from home” model.

Earlier, Walaa said that it expects the General Department of Traffic’s decision on compulsory motor insurance is likely to positively reflect on the company’s financial performance in 2020.