Tawuniya signs deal with Ministry of Hajj to provide insurance coverage to pilgrims

28/08/2019 Argaam

 

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.

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