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RIYADH: The insurance company Solidarity Saudi Takaful reported a 59 percent increase in losses in the fiscal year 2020.
The company said in a filing that losses reached SR69.844 million ($18.6 million), compared to a SR43.921 million loss a year earlier,
Solidarity attributed the performance to a 13.72 percent fall in gross written premiums (GWP) and a 28.71 percent increase in net incurred claims.
Another factor was the increase in general and administrative expenses.
Losses were also attributed to the decrease in the shareholders’ investment income by 51.1 percent.