| 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 Commercial Registration Certificate was amended with effect from 24 July 2018 to reflect the increase in share capital following the bonus share issue. 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, 03 June 2016 and 28 January 2020. SAMA gave approval to the Company to conduct business in the protection and savings class on 26 April 2018. At the Company’s request, 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 policyholders retain the remaining 10%. Any deficit arising on insurance operations is transferred to shareholders’ operations in full. 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 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 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. M3 dated 28 Muharram 1437H corresponding to 10 November 2015 (“Companies’ Regulations”). The Companies’ Regulations replace the companies’ regulations promulgated by Royal Decree No. M6 dated 22 Rabi Al Awwal 1385H corresponding to 20 July 1965 and supersede all provisions that are inconsistent therewith.Companies existing 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. | |
| Disclosure of statement of compliance [text block] | These condensed interim financial statements for the three and nine month periods ended 30 September 2020 have been prepared in accordance with International Accounting Standard 34 “Interim Financial Reporting” as issued by the International Accounting Standards Board (“IASB”), as endorsed in the Kingdom of Saudi Arabia and other standards and pronouncements that are issued by Saudi Organization for Certified Public Accountants (“SOCPA”).These condensed interim financial statements do not include all the information and disclosures required in the annual financial statements, therefore, these should be read in conjunction with the Company’s annual audited financial statements as at and for the year ended 31 December 2019. | |
| Disclosure of new standards and amendments in standards [text block] | This standard was published in May 2017. It establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts and supersedes IFRS 4 – Insurance Contracts.The new standard applies to insurance contracts issued and to all reinsurance contracts and to investment contracts with discretionary participating features provided the entity also issues insurance contracts.It requires separating the following components from insurance contracts:Embedded derivatives if they meet certain specified criteria; Distinct investment components; and Any promise to transfer distinct goods or non-insurance services. These components should be accounted for separately in accordance with the related standards (IFRS 9 and IFRS 15). | |
| 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, the reported amount of assets and liabilities, contingent assets and liabilities, resultant provisions, 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 and are continually evaluated and updated, however future events could result in outcomes requiring material adjustments to the reported amounts.In preparing the unaudited interim condensed financial statements significant judgments made by management in applying 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 for the year ended 31 December 2019. However, the Company has reviewed the key sources of estimation uncertainties disclosed in the last annual financial statements against the backdrop of the COVID-19 pandemic. For further details please see Note 35 to these interim condensed financial statements. Management will continue to assess the situation, and reflect any required changes in future reporting periods. | |
| 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. | |
| Disclosure of summary of significant accounting policies [abstract] | | |
| Disclosure of summary of significant accounting policies, general comment [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 2019 and no new or amended accounting policies or accounting standards were adopted by the Company during 2020 to date. The interim results should be read in conjunction with the annual results for the year ended 31 December 2019 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 2020.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 5(r). 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.Presentation is in Saudi Riyals, the functional currency of the Company. All amounts are derived from Arabic and English computerised accounting records and except where otherwise indicated are rounded to thousands using the standard rounding convention. | |
| 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. | |
| Disclosure of notes forming part of accounts [abstract] | | |
| Disclosure of transfer of portfolio [text block] | All numbers in this Note are stated in Saudi Riyal whole numbers and are not rounded to thousands.The insurance portfolio and related business of Arabian Shield Insurance Company EC was acquired by the Company effective 01 January 2009 at a purchase consideration approved by SAMA resulting in a Goodwill amount of SAR 49,100,000. | |
| Disclosure of property and equipment [text block] | Property, equipment and intangible assets 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. All other repair and maintenance costs are charged to the statement of income as they are incurred. | |
| Disclosure of leases [text block] | The Company recognises right-of-use assets representing the right to use the underlying leased asset and a lease liability representing the obligation to make lease payments. Assets and liabilities arising from a lease are initially measured on a present value basis using the incremental borrowing rate, being the rate that the Company would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions.There are optional exemptions for short-term leases and leases of low-value items. Short-term leases are leases with a lease term of 12 months or less. Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in the unaudited interim condensed statement of income. | |
| Disclosure of investments [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.At the current reporting date all investments are classified by the Company as available for sale.Distributions of income for all three classifications are recognised 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. | |
| Disclosure of investments held-to-maturity [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 recognised.Realised gains and losses arising on derecognition are reported in the statements of income. | |
| 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. Unrealised gains and losses arising from a remeasurement at fair value are reported in other comprehensive income and cumulatively held in a separate equity reserve unless the investment is impaired.On derecognition of unimpaired investments the cumulative unrealised 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 unrealised 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. | |
| 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 recognised 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 unrealised 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. | |
| Disclosure of investments reclassified [text block] | The Company evaluates whether the ability and intention to sell available for sale investments in the near future is still appropriate. If due to inactive markets the Company is unable to trade such investments it may elect to reclassify if it has the ability and intention to hold the investments for the foreseeable future or until maturity. Reclassification to loans and receivables is permitted when the investments meet the definition of loans and receivables and the Company has the intention and ability to hold the investments for the foreseeable future or until maturity. Reclassification to held to maturity is permitted only when the Company has the ability and intention to hold the investment until maturity. For an investment reclassified out of available for sale category, the fair value at the date of reclassification becomes its new amortised cost and any previous gain or loss on that investment that has been recognised in equity is amortised to the statement of income over the remaining life of the investment using the effective interest rate method. Any difference between the new amortised cost and the maturity amount is also amortised over the remaining life of the investment using the effective interest rate method. If the investment is subsequently determined to be impaired the amount recorded in equity is reclassified to the statement of income. | |
| Disclosure of 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, agents and employees arising from the writing or renewing of insurance contracts. Withholding taxes levied on foreign payments. Regulators' levies. Excess of loss expenses. Third party administrator expenses arising from processing of medical claimsImpairment reviews are conducted regularly and any impairment loss is reflected in the statement of income. | |
| Disclosure of premiums/ contributions and insurance/ reinsurance or takaful/ retakaful balance receivables [text block] | Premiums receivables are stated at gross written premiums receivable from insurance contracts less an allowance for any uncollectible amounts. Premiums and reinsurer receivables are initially recognised at inception of the related insurance contract measured at the fair value of the consideration receivable. The carrying value of receivables is reviewed for impairment and whenever events or circumstances indicate that the carrying amount may not be recoverable the impairment loss is recognised in the statement of income. Receivable balances are derecognised when the Company no longer controls the contractual rights that comprise the receivable balance which is normally the case when the receivable balance is sold or all cash flows attributable to the balance are passed through an independent third party. Receivables disclosed in Note 9 fall under the scope of IFRS 4 - Insurance Contracts.The Implementing Regulations define the basis for the provision for doubtful receivables based on ageing of receivables from date of inception of insurance contracts regardless of any credit terms granted to the insured or reinsurer. | |
| Disclosure of 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. | |
| 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, severity or absolute 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, severity and absolute 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, marine and group protection and savings 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. | |
| 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 minimise 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. | |
| 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. | |
| 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 instruments.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 twelve months. To minimise its exposure to significant losses from reinsurer insolvencies, the parties with whom reinsurance is effected 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 sixty days from end of 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. | |
| 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. | |
| Disclosure of operational/ process risk [text block] | Operational risk is the risk of direct or indirect loss arising from a wide variety of causes associated with the processes, technology and infrastructure supporting the Company’s operations either internally within the Company or externally at the Company’s service providers and from external factors other than credit, market and liquidity risks (already noted above) such as those arising from legal and regulatory requirements and generally accepted standards of behavior. Operational risks arise from all of the Company’s activities.The Company’s objective is to manage operational risk so as to balance limiting of financial losses and damage to its reputation with achieving its objective of generating returns for investors and security for policyholders. The primary responsibility for the development and implementation of controls over operational risk rests with the Board of Directors who encompass controls in the following areas: Requirements for appropriate segregation of duties between various functions, roles and responsibilities; Requirements for the reconciliation and monitoring of transactions; Compliance with regulatory and other legal requirements; Documentation of controls and procedures; Ethical and business standards; Risk mitigation policies and procedures; and Requirements for the periodic assessment of operational risks faced and the adequacy of controls and procedures to address the risks identified.Senior Management ensures that the Company's staff has adequate training and experience and fosters effective communication related to operational risk management. | |
| Disclosure of fund price risk [text block] | Investment market price risk is the risk that the fair value or future cash flows of financial instruments will fluctuate because of changes in market prices (other than those arising from commission rate risk or currency risk), whether those changes are caused by factors specific to the individual financial instrument or its issuer or factors affecting all similar financial instruments traded in the market.The Company's investments amounting to 241,853 (31 December 2019: 234,134) are susceptible to market price risk arising from uncertainty about the future value of invested securities. The Company limits this nature of market risk by diversifying its invested portfolio and by actively monitoring the developments in markets. | |
