Tawuniya signs deal with Ministry of Hajj to provide insurance coverage to pilgrims

The Company for Cooperative Insurance (Tawuniya) has received an approval from 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 expected to generate revenue greater than 5 percent of the annual gross written premium of Tawuniya in 2018,” the insurer said in a statement on Tadawul. 

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 2020. 

The program will be on "co-insurance" basis with the insurance sector, the statement said.