The Company for Cooperative Insurance (Tawuniya) has received approval from the 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 is expected to generate revenue greater than 5% of the annual gross written premium of Tawuniya in 2018,” the insurer said in a stock exchange statement. The company posted gross written premiums of SAR7,641m ($2bn) for 2018.
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 next year.
The programme will be on a co-insurance basis with the insurance sector, the statement said.