The Company for Cooperative Insurance (Tawuniya) announces it has signed on 11th of December 2019 with the Ministry of Hajj and Umrah, upon the approval of the Saudi Arabian Monetary Agency (SAMA) to contract with the Ministry of Hajj and Umrah on "co-insurance" basis with the the insurance sector, to provide insurance services for Foreign pilgrims ( Umrah ).
Date of Announcement of the Award
2019-08-28 Corresponding to 1440-12-27
Contract Subject Matter
To provide insurance services for foreign pilgrims (Umrah) for a period of (4) four years.
Date of Signing the Contract
2019-12-11 Corresponding to 1441-04-14
Contract Value
The contract revenues are expected to be greater than 5% of the 2018 annual gross written premium of The Company for Cooperative Insurance (Tawuniya).
Contract Details
To provide insurance services for foreign pilgrims (Umrah) for a period of (4) four years.
Contract Duration
(4) four years
Financial Impact and the Relevant Period
It is expected to have a positive financial impact on the gross written premiums and financial results of the company that will be reflected gradually from the first quarter of 2020. The program will be on "co-insurance" basis with the the insurance sector.
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