Riyadh – Mubasher: Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (Medgulf) posted on Thursday net losses of SAE 126 million in the fourth quarter of 2015, versus SAR 52 million in the same period of 2014.
Net losses reached SAR 261 million in 2015, compared to profit of SAR 193 million in 2014.
The company attributed Q4 losses to the rise in net incurred claims by 35.2%, while annual losses was a result to increasing incurred claims by 24.7% due to high claims provisions.
