Leadership of insurance pool for latent defects insurance product transferred to Tawuniya

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The Insurance Authority (IA) announced that leadership of the insurance pool for the latent defects insurance product has been transferred from Malath Cooperative Insurance Co. to The Company for Cooperative Insurance (Tawuniya), effective for three years as of June 24.

 

As many as 17 insurance firms are taking part in this pool.

 

According to Argaam’s data, Tawuniya announced last February its selection by the IA to lead the insurance pool against the inherent defects insurance product on behalf of the insurance sector.

 

In July 2020, Malath signed an agreement with several participating insurance players for the latent defects insurance product, following the Saudi Central Bank’s (SAMA) approval.

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