Walaa signs insurance coverage agreement with Aramco

03/04/2022 Argaam

Logo of Walaa Cooperative Insurance Co.

Walaa Cooperative Insurance Co. signed on March 31 an insurance agreement with Saudi Arabian Oil Co. (Saudi Aramco) to provide insurance coverage on energy, property, motor, marine products and others, the insurer said in a statement to Tadawul.

 

The contract value exceeds 5% of Walaa’s gross written premiums for 2021. The one-year insurance coverage started April 1, the statement noted.

 

The financial impact of the policy will appear on 2022 financial results, Walaa said, adding that there are no related parties to the agreement.

 

The insurer also confirmed that no preferential treatment was given on this policy and it is within its usual business activity.

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