Riyadh – Mubasher: The Company for Cooperative Insurance (Tawuniya) has signed a contract with the Ministry of Hajj and Umrah to provide insurance services for foreign pilgrims (Hajj and Umrah).

Revenues of the contract are expected to be greater than 5% of the annual gross written premium (GSP) of Tawuniya, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Wednesday.

Under the deal, Tawuniya will provide insurance services for foreign pilgrims for a period of four years.

The Saudi insurance firm added that the financial impact of the deal is expected to be reflected gradually from the first quarter of 2020.

The company noted that the program will be on “co-insurance” basis with the kingdom’s insurance sector.