The Company for Cooperative Insurance (Tawuniya) was founded in 1986 in Riyadh as a Saudi joint stock company and the first licensed national insurance companyin Saudi Arabia offering various insurance products commensurate with the needs of the community of individuals and companies in accordance with the cooperative concept that is islamically accepted.
During the years Tawuniya has established work high value goals that primarily target customers, where it is based on the knowledge of customer insurance requirements and work to meet them by group competent experts in the same field.
Tawuniya continued its growth and maintained its position as the insurance company leader in Saudi Arabia, with a high level of services and advanced insurance programs to become the first choice for customers.
Tawuniya strategies proceed from our mission that states “To be the professional insurer of choice by delivering world-class solutions for the protection of economic and humanistic interests”. Tawuniya puts in mind the development of its overall strategy on an ongoing basis so that it is an accurate assessment of the internal and external factors to meet the emerging changes in the insurance market.
The company has taken into account the evolution of regulatory environment and risk scenarios activity and ways to reduce them. It is working on development and innovation continuously to consolidate its leadership position in the Saudi insurance market that is rapidly growing.
In order to achieve the strategic objectives, Tawuniya invests in the development and improvement of information technology and human resources to create added values. This is done by aligning all departments of the company around a clear strategic agenda, and by focusing on a specific set of initiatives and strategic priorities. State-of-art help Tawuniya’s management to navigate towards the strategic goals while reducing risks and meeting different customer needs.
· Leading insurance company in Saudi Arabia with a professional experience that extends for thirty years.
· It has a very strong competitive position benefiting from its reputation in the market and a lot of the ingredients that are characterized by.
· Tawuniya’s diversified portfolio constitutes of medical, motor, and property & casualty insurance programs and provides about 40 insurance policies.
· Strong financial position is supported by a paid-up capital of 1,250 million riyals.
· The wide geographical presence in the Saudi insurance market and has the largest sales network of up to 115 offices.
· Tawuniya has a huge customer base that includes major Saudi companies and government bodies.
· Tawuniya provides the highest level of quality insurance services available around the clock via the customer service, e-commerce systems, and smart phones application.
· Tawuniya has achieved the compliance with regulations, implementing regulations and the sharaia review.
· Tawuniya is distinguished with its sophisticated electronic work environment and employing well trained human resources.
· It has strategic alliances with local and international partners and high class reinsurers.
· Tawuniya has the largest network of service providers in Saudi Arabia.
· The Company provides value added serves to different customer segments.
· The leading insurance company in Saudi Arabia with a market share of 21.2%.
· Having a diversified portfolio with GWP of 7.5 billion riyals.
· Achieved the largest profit in the history of the company of 642 million riyals.
· The company’s total assets exceeded 11.5 billion riyals in 2015.
· Achieved the highest investment profits in the insurance market of 234 million riyals.
· Assigned (A) rating by Standard & Poor’s for the tenth consecutive years.
· The highest Saudization rate achieved in 2015 of 79%.
· Awarded a most famous brand in Saudi Arabia in 2015.
· Selected in the list of the Top 100 Saudi companies in 2015.
· Tawuniya won the award for the best corporate insurance solutions provider in 2015.
Tawuniya launches innovative, social and philanthropic initiatives based on its own philosophy of supporting social responsibilities. This is focused on adapting our technical expertise, characterized by social services work through several efforts, such as funding local causes through donations. Other company activities in social responsibilities are varied to include support for specific categories of community members in assisting them in identifying and solving problems, as well as to raise awareness within the community concerning health and environment. In addition to, providing support for training community services programs, and participating in charitable social works and national campaigns to support people around the globe, in accordance with the Kingdom’s policies.
In this context, Tawuniya has introduced a number of activities within the realm of social responsibilities. For example, since 2006, Tawuniya has participated in the launch of a cooperative initiative with Prince Fahad Bin Salman Charity Association for Renal Failure Patients Care (Kelana).