SAICO signs Bancassurance agreement with AlRajhi Bank

Saudi Arabian Cooperative Insurance Company (SAICO) announced on Monday it has signed Bancassurance agreement with AlRajhi Bank for a period of one year.

Under this agreement, the Company shall, upon the Bank’s request, submit quotations for insurance coverage on private motor vehicles owned by the Bank and leased to its clients under the “Lease with a Promise to Own” programme offered by the Bank.

The company said that there are no related parties.

“It is expected that the financial impact of this agreement will appear on the company’s financial performance for the year 2021,” noting that “the agreement Value & financial impact cannot be determined precisely due to the difference in the value of the monthly insurance applications received by the bank.”