Tawuniya to ink deal with insurance companies ​for cover​age of​ foreign vehicles

The Company for Cooperative Insurance, Tawuniya, said on Tuesday that it is about to sign a three-year coinsurance agreement with other ​local companies to cover border-crossing foreign vehicles.

The agreement is effective Jan. 1, 2015 and is expected to reduce Tawuniya’s annual profit by 10 percent, the company said in a statement to Saudi Arabia’s bourse, Tadawul.

Tawuniya is the only provider of insurance services for foreign vehicles in Saudi Arabia, according to data compiled by Argaam.