Malath Cooperative Insurance Company (Malath) announces the impact of recent decisions regarding preventing the spread of the Coronavirus pandemic (COVID-19)
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| Announcement Detail | Referring to the anticipated and subsequent decisions which are taken by the Custodian of the Two Holy Mosques government (may God protect him) regarding the necessity of preventive measures to limit the spread of Coronavirus (COVID-19), which requires the imposition of a partial and complete curfew in some cities and governorates of the Kingdom.
Malath Cooperative Insurance Company (Malath) is pleased to announce to its generous shareholders that its daily working operations are persistent to guarantee the continuation of its operations during the curfew, in which the company enables its employees to access the main systems remotely, to enable them performing their daily tasks and continue serving Malath's clients perfectly, whether the clients are individuals, companies or institutions. The electronic services of Malath Company, provided through the website and Malath application for smartphones and or other devices continue serving our honorable customers 24 hours a day, 7 days a week. On the other hand, according to the total insurance premiums rates distribution) which is written in the last audited financial statements of Malath Company (audited financial statements for the year 2019). The company's individual customers constitute 14.3% of the total written insurance premiums only. Therefore, the partial and complete curfew in some regions and governorates of the Kingdom may have a limited impact in regression of the new insurance policies sales to individuals, especially in services provided directly without the usage of the electronic Malath services. We would like to point out that, it is difficult to determine the financial impact on prohibition procedures of Malath's work (if any), due to the lack of the curfew duration continuation details. Malath confirms to continue following up with the developments immediately, the company also assures that there will some announcements if there is any substantial development or even has a substantial impact on the businesses and operation results. In conclusion, the Chairman of Malath Board of Directors, board of directors members, executive management and all its employees show their full support and encouraging to the decisions that are taken by the government of the Kingdom of Saudi Arabia towards public health and their best interest. Malath also assures to its honorable shareholders that it is persisting in implementing its plans to ensure the continuity of its operating model (operational functions) without interruption during the curfew period. These procedures applied in order to reduce any potential negative impacts, if any.
May Allah protect everyone from all harm in this blessed homeland |
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