Tawuniya named 2017's 'Best Insurance Company in the GCC'

26/11/2017 09:33 AST

The Company for Cooperative Insurance (Tawuniya) has been recognized as the "Best Insurance Company in the GCC" for 2017 by the World Finance Magazine, a leading business news magazine.

The insurance company met the judging panel's criteria and standards, which included diversified investment, asset management, product suitability, customer service, competitive position, innovation index, risk management, Saudi staff development, generation of job opportunities and transparency, and won the highest number of votes of the website's readers.

Majed Al-Bahiti, Tawuniya's marketing general manager, said: "The award proved that Tawuniya, as the leading insurance company, has the elements of excellence. This award reflects Tawuniya's leading role in the Saudi insurance sector with over 30 years of experience and the largest market share estimated at 22.5 percent."

Al-Bahiti added: "The company has also the highest credit rating by Standard & Poor's for 12 years. The company provides the largest insurance portfolio including more than 60 insurance segments such as medical, motor, property and casualty. Tawuniya also has the largest sales network of 117 offices and the largest network of medical service providers, including 1,500 hospitals, clinics and medical centers besides the local and international network."

He said Tawuniya has a strong financial position based on the highest paid capital of SR1,250 million ($333.2 million), the largest total assets of SR13.5 billion and the largest gross written premiums of SR8.1 billion.

"Moreover, Tawuniya has the highest Saudization rate in the Saudi insurance sector, reaching around 80 percent, and a 24-hour customer service center. Therefore, we can say that Tawuinya offers a unique range of excellent services and exclusive benefits and works in an electronic environment within the smart insurance concept. Based on these elements, Tawuniya has been named as the 'Best Insurance Company in the Gulf Region for 2017' by World Finance Magazine," he added.

The award is the latest addition to the insurance company's list of other achievements in 2017, which include the Best Corporate Insurance Solutions Provider in Saudi Arabia awarded by Capital Finance International (CFI magazine), the highest credit rating in the Saudi insurance sector from Standard & Poor's and its rank in BrandZ Top 20 Most Valuable Saudi Arabian Brands.

Arab News