Thndr Claps » Saudi Claps » Insurance 🏥 » AlSagr Insurance’s losses widen 👇
The ClapAlSagr Insurance’s (8180) losses have widened to almost SAR 260 million as of June 30th, 2022.The DeetsThe company attributed the increase in losses to increases in total claims owed to other parties, as well as direct costs related to automotive insurance.So WhatAlSagr’s losses now stand at ~65% of the company’s capital. The company must now begin disclosure procedures related to companies that record losses equivalent to 50% or more of their capital.Now WhatThe company plans to mitigate these losses by focusing on profitable insurance sectors, such as general insurance & business insurance, as well as cutting administrative costs.
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