| Notes forming part of accounts [line items] | | |
| Disclosure of notes and other explanatory information [text block] | | |
| Disclosure of general information about reporting entity [abstract] | | |
| Disclosure of general information about reporting entity [text block] | The insurance industry in Saudi Arabia is regulated by the Law on Supervision of Cooperative Insurance Companies (“Cooperative Insurance Law”) together with the Implementing Regulations (“Implementing Regulations”) promulgated by Royal Decree No. M32 dated 22 Jumad Thani 1424 corresponding to 21 August 2003. Supervision is under the auspices of the Saudi Arabian Monetary Authority ("SAMA" or "Regulator"). Arabian Shield Cooperative Insurance Company (“Company”) is a Saudi Joint Stock Company incorporated in Riyadh, Saudi Arabia through Ministerial Resolution issued on 19 May 2007 with Commercial Registration No. 1010234323 issued on 13 June 2007 following on from Royal Decree No. M60 dated 18 Ramadan 1427 corresponding to 11 October 2006. The Company was listed on the Saudi Stock Exchange (Tadawul) on 26 June 2007. The registered address of the head office is as follows 5th Floor, Cercon Building No. 15, Olaya Street, PO Box 61352, Riyadh 11565, Saudi Arabia.The principal activities for which the Company was licensed were the conducting of insurance and reinsurance business in general and medical classes in Saudi Arabia in accordance with License No. TMN/6/20079 issued on 11 September 2007 by SAMA and the License was renewed for three year periods on 10 August 2010, 07 July 2013 and 03 June 2016. SAMA gave approval to the Company to conduct business in the protection and savings class on 26 April 2018. At the request of the Company, SAMA approved an amendment to the License to exclude reinsurance business with effect from 30 September 2013.As per the Articles of Association ("Articles"), the Company may undertake all activities required to transact cooperative insurance operations and related activities and to invest its funds. Its principal lines of business include motor, medical, marine, property, engineering, casualty and protection and savings.In accordance with the Implementing Regulations, within six months from the date of publication of the Annual Financial Statements each year, the Board of Directors approve the distribution of the surplus from insurance operations as follows: The shareholders of the Company receive 90% of the surplus from insurance operations including any surplus from investment activities of the policyholders’ invested funds and the policy holders retain the remaining 10%. Any deficit arising on insurance operations is transferred to shareholders’ operations in full. The fiscal year of the Company runs from 1 January to 31 December.Cooperative insurance operations commenced with effect from 1 January 2009 following acquisition of the insurance portfolio and related business, assets and liabilities from Arabian Shield Insurance Company EC.The Company and its Shareholders own and retain custody of all net assets related to both Insurance Operations and Shareholders’ Operations and funds are allocated to Insurance Operations as required. The Ministry of Commerce and Investment implemented the new companies’ regulations with effect from 25 Rajab 1437H corresponding to 02 May 2016 (“Effective Date”) promulgated by Royal Decree No. M/3 dated 28 Muharram 1437H corresponding to 10 November 2015 (“Companies’ Regulations”). The Companies’ Regulations replace the companies’ regulations promulgated by Royal Decree No. M/6 dated 22 Rabi Al Awwal 1385H corresponding to 20 July 1965 and supersede all provisions that are inconsistent therewith.Companies existing as at the Effective Date shall make all necessary amendments to their Articles to ensure compliance with the Companies’ Regulations within a period of one year from the Effective Date. As of the date of approval of these Financial Statements the Company has completed all necessary amendments and is in full compliance with the Companies’ Regulations. | 1 |
| Disclosure of basis of preparation of financial statements [text block] | The accounting policies, estimates and assumptions used in the preparation of the unaudited interim condensed financial statements are consistent with those used in the preparation of the annual financial statements for the year ended 31 December 2017. The interim results should be read in conjunction with the annual results for the year ended 31 December 2017 as interim results do not necessarily include all the information and disclosures required in annual results.The Company believes that all matters are fairly reflected for the periods presented, nevertheless the interim results may not necessarily be indicative of the annual results for the year ending 31 December 2018.The unaudited interim condensed financial statements are prepared under the going concern convention using the accrual basis of accounting. The historical cost convention is followed except for the measurement at fair value of available for sale investments [see Note 4 (o)]. Financial assets and financial liabilities are offset and the net amount reported only when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or to realise the assets and settle the liabilities simultaneously. Income and expense are not offset unless required or permitted by an accounting standard or interpretation as specifically disclosed in the accounting policies | 3 |
| Disclosure of statement of compliance [text block] | The Financial Statements are prepared in accordance with International Accounting Standard (IAS) 34 and not in accordance with the Standard on Interim Financial Reporting issued by SOCPA. | 2 |
| Disclosure of critical accounting judgements, estimates and assumptions, general [text block] | The preparation of unaudited interim condensed financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amount of assets and liabilities at each reporting date and the resultant provisions and changes in fair value and the reported amounts of income and expense. These judgements and estimates are based on the Company’s best knowledge of current events and actions, however, future events could result in outcomes requiring material adjustments to the carrying amount of an asset or liability.In preparing the unaudited interim condensed financial statements significant judgments made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty including the risk management policies were the same as those that applied to the annual audited financial statements as at and for the year ended 31 December 2017.The following judgments and estimates have the most significant effect on the amounts recognised.Impairment losses on receivablesThe Company assesses for impairment receivables that are individually significant and receivables included in a group of financial assets with similar credit risk characteristics. Receivables that are individually assessed for impairment and for which an impairment loss is or continues to be recognised are not included in a collective assessment of impairment. This assessment of impairment requires judgment. In making this judgment, the Company evaluates credit risk characteristics that consider past-due status being indicative of the ability to pay all amounts due as per contractual terms.Insurance contract liabilities For insurance contracts, estimates have to be made both for the expected ultimate cost of claims reported at the reporting date and for the expected ultimate cost of claims incurred but not yet reported (IBNR) at the reporting date. It can take a significant period of time before the ultimate claims cost can be established with certainty and for some type of policies IBNR claims form a significant part of the liability. The primary technique adopted by the Company in estimating the cost of reported and IBNR claims is that of using past claims settlement trends to predict future claims settlement trends.Historical claims development is mainly analysed by underwriting year but can also be further analysed by significant business lines and claim types. Large claims are usually separately addressed, either by being reserved at the face value of loss adjustor estimates or separately projected in order to reflect their future development. In most cases, no explicit assumptions are made regarding future rates of claims inflation or loss ratios. Instead, the assumptions used are those implicit in the historic claims development data on which the projections are based. Additional qualitative judgment is used to assess the extent to which past trends may not apply in future, (for example to reflect one-off occurrences, changes in external or other factors such as public attitudes to claiming, economic conditions, levels of claims inflation, judicial decisions and legislation, as well as internal factors such as portfolio mix, policy conditions and claims handling procedures) in order to arrive at the estimated ultimate cost of claims that present the likely outcome from the range of possible outcomes, taking account of all the uncertainties involved.Insurance contract liabilities are not discounted for the time value of money as substantially all claims are expected to be paid within one year of the reporting date. The liabilities are derecognised when the obligation to pay a claim expires, is discharged or is cancelled. | 3 |
| Disclosure of functional and presentation currency [text block] | Exchange rates prevailing at the date of transactions are used to translate transactions denominated in foreign currencies to Saudi Riyals. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Resulting gains or losses, both realised and unrealised, are recognised as income or expense. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the date of the initial transaction and are not subsequently restated | 3 |
| Disclosure of summary of significant accounting policies [abstract] | | |
| Description of accounting policy for cash and cash equivalents [text block] | Cash and cash equivalents comprise cash on hand, bank current accounts and deposits (including short term highly liquid investments) with original maturities of three months or less. | 3 |
| Description of accounting policy for investment properties [text block] | The Company does not invest in derivatives. At initial recognition the Company classifies it’s non derivative investments into three categories depending on the purpose for which the investments were acquired or originated - held to maturity, fair value through income statement and available for sale.Distributions of income for all three classifications are recognized when the right to receive the income is established. The income is reported in the statements of income. Investments are derecognised when the right to receive cash flows and / or substantially all risks and rewards of ownership have expired or been transferred. | 3 |
| Description of accounting policy for receivables [text block] | Accounts receivable are stated at original invoice amount less a provision for bad and doubtful debts. | 3 |
| Description of accounting policy for deferred policy acquisition costs [text block] | Certain costs are deferred on initial recognition and subsequently expensed in direct proportion to income recognition of the underlying premiums to which they relate. The costs subject to this policy are: Policy acquisition costs payable to insurance companies, brokers and agents arising from the writing or renewing of insurance contracts. Withholding taxes levied on foreign payments. Regulators' levies. | 3 |
| Description of accounting policy for intangible assets and goodwill [text block] | Goodwill is initially recognised at cost and is not amortised but subsequent to initial recognition is tested for impairment annually and carried at cost less accumulated impairment losses. Impairment losses are not reversed in subsequent periods. Impairment is determined by assessing the recoverable amount of each cash-generating unit or group of cash-generating units to which the goodwill relates. Where the recoverable amount is less than their carrying amount, an impairment loss is recognised. | 3 |
| Description of accounting policy for property and equipment [text block] | Property, vehicles and equipment are stated at cost, excluding the costs of day to day servicing, less accumulated depreciation and accumulated impairment in value. Replacement or major refurbishment costs are capitalised when incurred if it is probable that future economic benefits resulting from incurring the cost will arise and the cost can be measured reliably. Depreciation is provided on a straight line basis over the useful lives of the assets at the following rates:Fixed assets Useful life in yearsLeasehold fixtures 10Furniture 10Office equipment 10Vehicles 4IT equipment 4IT software 4 The assets’ residual values and remaining useful lives are continually reviewed and adjusted if appropriate. Impairment losses are recognised as an expense. An item of property, vehicles or equipment is derecognised upon disposal or when no further future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset is recognised as income or expense. | 3 |
| Description of accounting policy for liability adequacy test [text block] | At each reporting date the Company assesses whether there is any overall excess of expected claims over unearned premiums net of deferred acquisition costs. This calculation uses current estimates of future contractual cash flows after taking account of the return expected to arise on assets relating to the relevant insurance technical provisions. If that assessment shows that the carrying amount of the unearned premiums (less related deferred acquisition costs) is inadequate, the entire deficiency is immediately recognised and a provision created. | 3 |
| Description of accounting policy for settlement and trade date accounting [text block] | All purchases and sales of financial assets are accounted for at trade date. | 3 |
| Description of accounting policy for provisions [text block] | Provisions are recognised when the Company has an obligation (legal or constructive) arising from a past event and it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Where the Company expects some or all of a provided amount to be recovered, the recovery is recognised only when it is believed to be certain. | 3 |
| Description of accounting policy for statutory reserve [text block] | In compliance with the Cooperative Insurance Law, the Implementing Regulations and the Articles, 20% of shareholders’ net profit is transferred to statutory reserve at the end of each financial year until the statutory reserve amounts to 100% of the paid capital. At 31 December 2017 Statutory Reserve represents 20% of shareholders' net profit earned from incorporation to 31 December 2017 (2016: 20% of shareholders' net profit earned from incorporation to 31 December 2016).The statutory reserve was reduced by SAR 20 million on 22 May 2018 as a result of the issue of bonus shares on that date.Transfer to statutory reserve in respect of the year ending 31 December 2018 will be determined at 31 December 2018 and no transfer has been made in the six month period ended 30 June 2018 (six month period ended 30 June 2017: Nil). | 23 |
| Description of accounting policy for employees end of service benefits [text block] | Benefits payable to the employees of the Company at the end of their service are provided for in accordance with the labour laws of Saudi Arabia. The cost of this benefit for each employee is charged over their period of employment and provisions are continually re-assessed and adjusted on the basis of current salary, related benefits and completed service. On cessation of employment, the entitlement will be paid based upon the employees’ final salary, related benefits and length of service. Interim payments may be approved at the Company's discretion for employees with service in excess of 10 years. | |
| Description of accounting policy for zakat [text block] | Zakat and income tax have been provided for in accordance with regulations currently in force in Saudi Arabia. The differences between financial and adjusted taxable results are mainly due to provisions which are not allowed in the calculation of taxable income. Zakat is calculated on Saudi shareholders’ share of adjusted equity subject to a minimum base equal to the relevant share of adjusted net profit. Foreign shareholders are subject to income tax calculated on the relevant share of adjusted net profit. | |
| Description of accounting policy for impairment and uncollectibiity of financial assets [text block] | An assessment is made at each reporting date to determine whether there is objective evidence that a financial asset or group of financial assets may be impaired. If such evidence exists, any impairment loss is recognised and is determined as follows: a) For assets carried at fair value, impairment is the difference between cost and fair value. b) For assets carried at cost, impairment is the difference between cost and the present value of estimated future cash flows discounted at the current market rate of return for a similar financial asset. c) For assets carried at amortised cost, impairment is the difference between amortised cost and the present value of estimated future cash flows discounted at the original effective interest rate. | |
| Description of accounting policy for fair value measurement [text block] | Financial assets of the Company include cash and cash equivalents, deposits, investments and receivables. Financial liabilities of the Company include payables and gross outstanding claims. Fair value is the amount for which an asset could be exchanged or a liability settled between knowledgeable, willing parties in an arm's length transaction. Underlying the definition of fair value is a presumption that an enterprise is a going concern without any intention or need to liquidate, curtail materially the scale of its operations or undertake a transaction on adverse terms. The Company uses the following hierarchy for determining and disclosing fair value: Level 1: Quoted prices in active markets for the same instrument (i.e. without modification or repackaging); Level 2: Quoted prices in active markets for similar assets and liabilities or other valuation techniques for which all significant inputs are based on observable market data; and Level 3: Valuation techniques for any significant input which is not based on observable market data. | 3 |
| Description of accounting policy for cash dividend and non-cash distribution to equity holders [text block] | Dividend distribution is recognised as a liability in the period in which the dividend is approved by the shareholders. | 3 |
| Description of accounting policy for premium/ contributions earned [text block] | Gross Premiums and Gross Commission Income are recognised as revenue when the insurance policy is issued. Ceded Premiums are deducted from Gross Premiums to arrive at Net Premiums. Gross and Ceded Premiums and Gross Commission Income which relate to cover periods beyond the end of a financial period are calculated by the Company and reported as Unearned using the following methods: 90 days method for marine cargo business Actual number of days for other lines of insurance business | 3 |
| Description of accounting policy for investment income [text block] | Investments classified as held to maturity are those with fixed or determinable income and fixed maturities which the Company has the positive intention and ability to hold until maturity. These investments are initially recognised at cost including any related transaction costs directly attributable to the acquisition. At each reporting date they are remeasured at amortised cost using the effective interest rate method. Valuation impairments are reported in the statements of income. Valuation gains are reported in the statements of income only to the extent of cumulative impairments previously recognized. Realised gains and losses arising on derecognition are reported in the statements of income. | 3 |
| Description of accounting policy for claims/ benefits [text block] | Claims comprise amounts payable to contract holders, third parties and related loss adjustment expenses, net of salvage and other recoveries. In addition to amounts already paid, claims include estimated provisions determined from loss reports for claims reported but not settled together with provisions based on the Company’s judgement and prior experience for claims not reported (IBNR). Any differences crystalising between the provisions at the reporting date and subsequent settlements or adjustments to those provisions are recognised as income or expense as appropriate. While the Company believes that the estimated provisions are adequate, nevertheless, the ultimate liability of the outstanding claims may be in excess of or less than the provided amounts. | 3 |
| Description of accounting policy for general insurance/ takaful contracts [text block] | Insurance contracts are those contracts where the Company (the insurer) has accepted significant insurance risk from another party (the policyholders) by agreeing to compensate the policyholders if a specified uncertain future event (the insured event) adversely affects the policyholders. Once a contract has been classified as an insurance contract it remains an insurance contract for the remainder of its lifetime even if the insurance risk reduces significantly in this period. Reinsurance contracts, by which the Company cedes insurance risks to reinsurers, are entered into by the Company in the normal course of business. Under such contracts the Company agrees to cede part of the underlying premium to the reinsurer and the reinsurer agrees to pays commission on the ceded premium to the Company and to compensate the Company for losses arising on the underlying insurance contract. Amounts recoverable from or due to reinsurers are recognized consistently with the treatment of amounts associated with the underlying insurance contracts and in accordance with the terms of each reinsurance contract. At each reporting date, the company assesses whether there is any indication that a reinsurance asset may be impaired. Where an indicator of impairment exists, the company makes a formal estimate of recoverable amount. Where the carrying amount of a reinsurance asset exceeds its recoverable amount the asset is considered impaired and is written down to its recoverable amount. Reinsurance assets and liabilities are derecognised when the contractual rights expire or when the contract is transferred to another party. Reinsurance contracts do not relieve the Company from its obligations to policyholders. | 3 |
| Description of accounting policy for segment reporting [text block] | A segment is a distinguishable component of the Company that is engaged either in providing products or services (a business segment) or in providing products or services within a particular economic environment (a geographic segment), which is subject to risks and rewards that are different from those of other segments. Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Board of Directors. | 3 |
| Description of accounting policy for time (murabaha) deposit [text block] | Term deposits are those deposits having original maturities of more than three months. | 3 |
| Disclosure of notes forming part of accounts [abstract] | | |
| Disclosure of transfer of portfolio [text block] | The insurance portfolio and related business of Arabian Shield Insurance Company EC was acquired by the Company effective 1 January 2009 at a purchase consideration approved by SAMA resulting in a Goodwill amount of 49,100,000. The related assets and liabilities of Arabian Shield Insurance Company EC were also acquired at book value amounting to 20,825,600 as per the audited Financial Statements of Arabian Shield Insurance Company EC at 31 December 2008. The combined sum due to Arabian Shield Insurance Company EC in consideration for goodwill and net assets acquired amounted to 69,925,600 and to date 45,108,422 has been paid leaving a remaining amount due of 24,817,178 (2012: 32,425,600) to be paid in instalments, the timing and amount of which shall be authorised by SAMA. | |
| Disclosure of investments in available-for-sale investments [text block] | Investments classified as available for sale are those which are not classified as held to maturity or as fair value through income statement and are acquired with the primary intention of holding for an indefinite period of time but which may require to be traded sooner in response to a need for liquidity or as a result of market changes. These investments are initially recognised at cost including any related transaction costs directly attributable to the acquisition. At each reporting date they are remeasured at fair value unless they do not have a quoted market price or there is no other appropriate method from which to derive reliable fair value in which case they remain stated at cost less any impairment charge. Unrealised gains and losses arising from a remeasurement at fair value are reported in other comprehensive income and held in a separate equity reserve unless the investment is impaired. On derecognition of unimpaired investments the cumulative unrealized gains or losses previously reported in other comprehensive income and held in the separate equity reserve are transferred to and reported in the statements of income. Realised gains and losses arising on derecognition are reported in the statements of income. On impairment of investments the impairment charges are reported in the statements of income and the cumulative unrealized gains or losses previously reported in other comprehensive income and held in the separate equity reserve are transferred to and reported in the statements of income. Realised gains and losses arising on derecognition are reported in the statements of income. | 3 |
| Disclosure of investments at fair value through statement of income [text block] | Investments classified as fair value through income statement are those acquired with the intention of trading in the near term. These investments are initially recognized at fair value with any related transaction costs directly attributable to the acquisition charged to the statements of income on acquisition. At each reporting date they are remeasured at fair value with the resulting unrealized gains or losses and any impairment charges reported in the statements of income. Realised gains and losses arising on derecognition are reported in the statements of income. | 3 |
| Disclosure of classes of share capital [text block] | The authorised, issued and fully paid share capital of the Company is SAR 300 million (31 December 2017: SAR 200 million) consisting of 30,000,000 (31 December 2017: 20,000,000) shares each with a nominal value of ten Saudi Riyals.The Board of Directors resolved in their meeting held on 15 February 2018 to increase the share capital subject to receiving the required approvals of the relevant authorities and thereafter the approval of shareholders.The resolution provided for a share capital increase from SAR 200 million to SAR 300 million by issuing one bonus share for every two shares held thereby increasing the number of shares in issue from 20 million shares to 30 million shares with the additional SAR 100 million share capital generated by capitalising SAR 80 million from retained earnings and SAR 20 million from statutory reserve.Approval was received from the Saudi Arabian Monetary Authority (SAMA) and the Capital Market Authority (CMA) on 01 March 2018 and 15 March 2018 respectively.Approval from shareholders was obtained in the extraordinary general assembly meeting held on 21 May 2018 and the bonus shares were issued by Tadawul on 22 May 2018.The shareholders of the Company are subject to zakat and income tax | 22 |
| Disclosure of earnings per share [text block] | Earnings per share is calculated by dividing net profit by the weighted average number of issued shares during the period. As there are no dilutive effects, basic and diluted earnings per share are the same.Earnings per share is calculated based on the revised number of shares in issue following the bonus share issue on 22 May 2018 and prior comparatives have been restated accordingly. | 24 |
| Disclosure of related party transactions [text block] | Related parties represent shareholders, both individual and corporate, directors, members of the audit, executive, investment, risk and nomination and remuneration committees, the board secretary, key executives and entities controlled (including jointly controlled) or significantly influenced by such parties. The immediate families of the above are related parties. Key Executives, in the context of defining Related Parties, for the six month period ended 30 June 2018 means the following five people (six month period ended 30 June 2017: five people) – the Chief Executive Officer (CEO), the Chief Financial Officer (CFO) and the three other executives (six month period ended 30 June 2017: three other executives) who earned the highest remuneration. All transactions with related parties are made on an arm’s length basis and no conflicts or potential conflicts of interest were identified during the six month period ended 30 June 2018 (six month period ended 30 June 2017: None). Amounts due to related parties do not include amounts provided for outstanding claims under processing or IBNR. Balances due to or from related parties are unsecured, interest free and are settled in cash and no guarantees have been made or received in relation to any related party transaction or balance.An impairment assessment is undertaken examining the financial position of and the market in which each related party operates. For the six month period ended 30 June 2018, the Company has not recorded any impairment of receivables relating to amounts due from related parties (six month period ended 30 June 2017: Nil). Transactions with related parties are in respect of purchase of insurance portfolio and related business, investments, remuneration and annual insurance contracts. | 26 |
| Disclosure of risk management [abstract] | | |
| Disclosure of insurance/ takaful risk [text block] | Insurance risk is the risk that actual claims payable to contract holders in respect of insured events exceed the carrying amount of insurance liabilities. This could occur if the frequency or amounts of claims are more than expected. Insurance risk is monitored regularly by the Company to establish if the levels are within the projected frequency bands. The insurance risks arising from insurance contracts are concentrated in Saudi Arabia. Insurance risk is influenced by the frequency and amounts of claims. Careful evaluation of risks through implementation of underwriting strategy, together with the use of reinsurance, reduce risk. The Company underwrites mainly property, accident, motor, medical and marine risks. These are regarded as short-term insurance contracts as claims are normally advised and settled within one year of the insured event taking place. This diversification and short term nature mitigates risk. Property and Accident For property contracts the main risks are fire and business interruption. These contracts are underwritten by reference to the replacement value of the properties, contents insured and profits of the underlying businesses. The cost of rebuilding properties, replacing contents and the time taken to restart operations following business interruptions are the main factors that influence the level of claims. Motor For motor contracts the main risks are claims for death and bodily injury and the replacement or repair of vehicles. The level of court awards for deaths and to injured parties and the replacement costs of motor vehicles are the key factors that influence the level of claims. Medical For medical contracts the main risks are medical expenses incurred for treatment and illness. Marine For marine contracts the main risks are loss or damage to craft and accidents resulting in total or partial loss of cargo. Sensitivity Analysis The amount of the provision for net outstanding claims including IBNR is sensitive to the basis for making judgements and estimates as outlined in Note 3(b). The net underwriting result set out in the statement of insurance operations will be directly impacted by the amount that the provision for net outstanding claims including IBNR is understated or overstated as a result of this process. | 26 |
| Disclosure of reinsurance/ retakaful risk [text block] | The Company effects reinsurance with other parties in the normal course of business in order to minimise its financial exposure to potential losses arising from large insurance claims. The reinsurance is affected under treaty, facultative and excess of loss reinsurance contracts. To minimize its exposure to significant losses from reinsurer insolvencies, the Company evaluates the financial condition of its reinsurers and monitors concentrations of credit risk arising from similar geographic regions, activities or economic characteristics of the reinsurers. Reinsurers are selected using parameters such as minimum acceptable credit rating, reputation and past performance. Local companies who do not carry a formal credit rating are accepted to a limited degree provided they are registered with and approved by local Regulators. Although the Company has reinsurance arrangements it is not relieved of its direct obligations to its policyholders in the event that a reinsurer failed to meet its obligations. | 26 |
| Disclosure of currency risk [text block] | Currency risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates. The Company primarily transacts in Saudi Riyals and at any time balances held in other currencies are of immaterial amounts only and therefore the Company believes that there is minimal risk of significant losses due to exchange rate fluctuations. | 26 |
| Disclosure of credit risk [text block] | Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The maximum exposure of the Company to credit risk if a default was made by the counter party is equal to the carrying amount of these financial assets. The Company seeks to limit credit risk with respect to customers by constant monitoring of outstanding receivables. The Company seeks to limit credit risk with respect to agents and brokers by, on a selective basis, setting credit limits, maintenance of cash deposits with the Company and monitoring of outstanding receivables. The Company seeks to limit credit risk with respect to bank time deposits by only dealing with reputable banks and by generally placing deposits for periods of not more than three months. To minimise its exposure to significant losses from reinsurer insolvencies, the parties with whom reinsurance is affected are required to have a minimum acceptable security rating level affirming their financial strength. The amounts due from reinsurers are contractually due within a maximum of sixty days from the end of the quarter in which the payment is made for claims under treaty reinsurance and treaty retention excess of loss reinsurance and ninety days for claims under facultative reinsurance. | 26 |
| Disclosure of liquidity risk [text block] | Liquidity risk is the risk that the Company will not be able to meet its commitments associated with financial liabilities when they fall due. Liquidity requirements are monitored on a monthly basis and the Company has ensured that sufficient liquid funds are available to meet any commitments as they arise. | 26 |
| Disclosure of fair value of financial assets and liabilities [text block] | At 30 June 2018 Letters of Guarantee were outstanding in favour of various beneficiaries as follows: As at 30 Jun 2018As at 31 Dec 2017 Medical provider 250250Motor agents 0500Group medical insurance policy – Request for proposal 01,666Capital commitments to purchase systems software 3,3340 Total 3,5842,416 The Company is subject to legal proceedings in the ordinary course of business. There was no change in the status of legal proceedings as disclosed at 31 December 2017.At 30 June 2018 there were no other commitments, contingencies or outstanding legal proceedings or disputes of a material nature and no change in the status of legal proceedings as disclosed at 31 December 2017. | 30 |
| Disclosure of comparative figures [text block] | Certain prior period amounts or balances may have been reclassified to conform with the current presentation. | |
| Disclosure of board of director's approval of the financial statements [text block] | The Financial Statements were approved by the Board of Directors on 22 July 2018 | 34 |
