KSA - Tawuniya signs deal with Ministry of Hajj
Thursday, 08 29 2019, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Company for Cooperative Insurance (Tawuniya) has received an approval from Saudi Arabian Monetary Agency (SAMA) to sign a contract with the Ministry of Hajj and Umrah to provide insurance services for foreign pilgrims.
“The four-year contract pertains to providing insurance coverage for foreign pilgrims, and expected to generate revenue greater than 5 percent of the annual gross written premium of Tawuniya in 2018,” the insurer said in a statement on Tadawul.
The contract is expected to have a positive financial impact on the gross written premiums and financial results of the company from the first quarter of 2020.
The program will be on "co-insurance" basis with the insurance sector, the statement said.