Riyadh – Mubasher: Al Sagr Cooperative Insurance Company posted a year-on-year (YoY) surge in the net losses before Zakat during the first quarter (Q1) of 2020 at SAR 58.4 million, compared with SAR 319,000. 

The net written premiums (NWP) slid by 2% during the period from January to March 2020 to reach SAR 88.2 million, according to a bourse disclosure on Wednesday.

The insurer attributed the surge in the interim losses largely to higher net claims and other benefits incurred by 106%, owing to an increase in the claims of the health insurance by 97% at SAR 118.6 million over Q1-20.