Time: September 18, 2018
The Company for Cooperative Insurance (Tawuniya) has been recognized as the “Best Islamic Insurance Company” for 2018 by the World Finance magazine, a leading business news magazine. The award has been granted to Tawuniya for its adoption of the Islamic insurance concept i.e. offering insurance products, financial services and investment activities in accordance with Islamic laws and adhering to Shariah standards in innovation, sustainable growth, governance and social responsibility.
The award for best Islamic insurance company is one of the specialized categories in the Islamic finance sector. Insurance companies and establishments participating in this award were evaluated by a jury from World Finance magazine.
Majid A. Al-Bahiti, marketing and communications general manager of Tawuniya, said: “This award proves Tawuniya has the elements of success as the leading cooperative insurance company with over 30 years of experience. During this period, Tawuniya succeeded in applying a unique model of cooperative insurance concept on the ground. This model became the basis for business in the Saudi insurance sector since its regulation in 2004. Tawuniya provided more than 60 types of insurance products in three main operating sectors: Medical insurance, motor insurance and property and casualty insurance.”
Al-Bahiti added: “This award underscores our ongoing efforts to maintain Tawuniya’s leading position. The company has a strong financial position based on the highest capital in the insurance sector of SR1,250 million ($333.2 million), the largest total assets of SR13.4 billion and the highest market share in the Saudi insurance sector of 23 percent after the company’s gross written premiums reached SR8.4 billion in 2017.”
He said the achievement reflects Tawuniya’s new vision, which focuses on customer service, and product and services innovation to attract new segments of society, targeting three key sectors of customers including corporate and key accounts, small and medium enterprises (SMEs) and individuals.
The award is the latest addition to the insurance company’s list of other achievements in 2018, which include the “Best Cooperative Insurance Company in KSA” award by Global Brands magazine. It has also been named as one of the best 100 brands by Al-Watan newspaper and selected in the list of the biggest Saudi companies by Al-Eqtisadiah.