The Saudi Cooperative Insurance Company has begun returning 22 million Saudi riyals ($5.86 million) to insurance certificate holders of the company from its revenues in 2000.
Reports in Al-Hayat said that thousands are to benefit from these returns, whose sums were calculated based on insurance fees paid to the company less payable compensations made to clients.
According to company sources, gross insurance premiums decreased from SR 2.968 billion in 1998 to SR 2.861 billion in 1999. Saudi Cooperative employs nearly 3,000 people—accounting for 64 percent of all Saudis employed by insurance industries. — (MENA Report)
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