Tawuniya signs deal with Hajj Ministry to insure foreign pilgrims
The Company for Cooperative Insurance (Tawuniya) signed on Dec. 11 a contract with the Ministry of Hajj and Umrah to provide insurance services for foreign pilgrims, the company said in a bourse statement on Wednesday.
The contract is expected to generate revenue greater than 5% percent of the 2018 annual gross written premium (GWP), the statement added.
The contract is expected to have a positive financial impact on the GWP and financial results of the company as of Q1 2020.
The program will be on ‘co-insurance’ basis with the insurance sector, the statement stated.
On Aug. 28, Tawuniya received Saudi Arabian Monetary Authority’s (SAMA) approval to sign the contract with the Ministry of Hajj and Umrah to provide insurance services for foreign pilgrims.