The Houthi war has caused losses to the Insurance Authority more than one trillion riyals
English - Wednesday 07 October 2020 الساعة 05:14 pm
Aden, NewsYemen, Exclusive:
Ali Nasser Al-Haddar, head of the General Insurance and Pensions Authority, said that the Houthi militia is draining pension assets and investments worth billions of riyals and dollars.
Al-Haddar revealed that the Authority’s losses amounted to one trillion and 89 billion riyals during the period 2015-2019, and its losses in dollars amounted to about $ 223 million.
He added that the losses of the authority were represented by the significant decrease in the purchasing value of the authority’s balances in government bonds, deposits and shareholders ’shares, due to the loss of the local currency a large part of its value, and the suspension of investment returns for most of the Commission’s investments.
The head of the Insurance Authority pointed out that the Authority is facing challenges, the most prominent of which is the inability to collect returns on investments and contributions and the failure to transfer funds from Sana'a to the Central Bank of Aden.
