THE Company for Cooperative Insurance (Tawuniya) won the Best Islamic Insurance Company Award for 2018 granted by World Finance (WF). The award was conferred on Tawuniya for its adopting Islamic insurance concept through offering insurance products, financial services and investment activities in accordance with Islamic laws and adhering to Shariah standards, innovation, sustainable growth, governance and social responsibility.

The award of the best Islamic insurance company is one of the specialized categories in the Islamic finance sector. Insurance companies and establishments participating in this award, have been evaluated by the jury committee of WF which granted Tawuniya this award after meeting the criteria of selection winners.

Majid A. Al-Bahiti, General Manager of Marketing and Communication at Al-Tawuniya, said "this award proves Tawuniya’s successful elements 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 the business in the Saudi insurance sector since its regulation in 2004. Tawuniya provided more than 60 kinds of insurance products in three main operating sectors: medical insurance, motor insurance and property & 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 SAR 1,250 million, a total assets of SAR 13.4 billion and the highest market share in the Saudi insurance sector of 23% after the company's gross written premiums reached SAR 8.4 billion in 2017.”

This achievement reflects Tawuniya’s role in developing its new vision on the insurance industry, which focuses on customer service, product and services innovation to attract new segments of the society, targeting three key sectors of customers including corporate and key accounts, small and medium enterprises (SMEs) and individuals. Tawuniya provide its products and services through the largest sales office network consisting of 115 branches, unique e-store, smart phones application and the call center that runs a smart IVR system 24 hours a day and receives more than 1.8 million calls a year. — SG