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Tawuniya signs Umrah insurance contract

Tawuniya signs Umrah insurance contract
Tawuniya shall provide co-insurance services for foreign pilgrims
TAWUNIYA
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Riyadh – Mubasher: The Company for Cooperative Insurance (Tawuniya) has signed an agreement with the Saudi Ministry of Hajj and Umrah.

The four-year contract, which was approved by the Saudi Arabian Monetary Agency (SAMA), involves providing insurance services for foreign pilgrims travelling to Saudi Arabia for Umrah.

Revenues from the contract are expected to be greater than 5% of the company’s 2018 annual gross written premium, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Thursday.

Moreover, Tawuniya expects the deal to positively reflect on its financial results starting from the first quarter (Q1) of 2020.

The program will be on a co-insurance basis with the insurance sector.