Saudi Arabia: Tawuniya to insure foreign pilgrims for next 4 years
Source: Middle East Insurance Review | Oct 2019
The Company for Cooperative Insurance (Tawuniya) has received approval from the Saudi Arabian Monetary Authority (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 coverage for foreign pilgrims, and is expected to generate revenue greater than 5% of the annual GWP of Tawuniya in 2018,” the insurer said in a stock exchange statement. The company posted GWP of SAR7.6bn ($2bn) for 2018.
The contract is expected to have a positive financial impact on the GWP and financial results of the company from the first quarter of next year.
The programme will be on a co-insurance basis with the insurance sector, the statement said. M
SAR1 = $0.27