The Company for Cooperative Insurance (Tawuniya) is a Saudi Joint Stock Company established in Riyadh, Saudi Arabia by Royal Decree number M/5 of 17.4.1405H (5.4.1985 G) and was registered on January 18, 1986G (7.5.1406H) under Commercial Registration number 1010061695.
The purpose of the Company is to transact cooperative insurance operations and all related activities such as reinsurance or agency activities. Its principal lines of business include motor, marine, fire, medical, engineering, energy, aviation, takaful, and casualty insurance.
1986: Established as a Saudi Joint Stock Company.
1987: The first fiscal year.
1988: Achieving the highest growth rate of business amounting 789%.
1989: Confirmed through recognized research as the market leader in the Saudi insurance market. (market share)
1991: Launched a medical insurance program which subsequently became known as Taj.
1992: Achieved 50% growth in retail business.
1993: Launched EDGE, Tawuniya's integrated bilingual back bone information system.
1995: Introduction of new retail products such as Personal Accident, Rukhsa, Taj Family/Individual, and Medical Malpractice.
1997: Established a state-of-the-art Customers Services Center (CSC).
1998: Achieved 50% nationalization of Tawuniya’s workforce.
1999: Keeping the same growth rate without affecting by low oil prices.
2000: Launching of the savings plans for the first time.
2001: Re-structuring the business into 4 segmentations (Major, Corporate, Commercial and retail.)
2002: Introduction of compulsory Drivers' License (Rukhsa) and Foreign Vehicle insurance.
2003: The issuance of the law on the supervision of cooperative insurance Companies.
• Received the first registered license from SAMA to transact business in accordance with the new Cooperative Insurance Law.
• Shareholders increased the paid up capital from SR 250 million to SR 500 million.
• The Tawuniya IPO started on December 21, 2004 floating 7 million shares representing 70% of the company's total capital.
• Conducted its first General Assembly after privatization of the company.
• Launched two insurance plans (Shop Owners Insurance Plan and Manasek Plan for Hajj and Umra Performers.
• Assigned (A) rating from S&P.
• Dividing the structure to 3 strategic business units and 2 distribution units.
Establishing the Sharaia Board to revise the insurance policies in accordance with Islamic Shariaa.
• Standard & Poor’s (S&P) upgraded Tawuniya to (A) rating for the third consecutive year.
• New Board of Directors was elected in the General Assembly which convened on 11 March
• Three new motor claims services centers were opened in Riyadh, Jeddah & Dammam. The centers are designed in a sophisticated unique architectural style.
• Entering into a contract with the Saudi Electronic Information Company (SEMA) to increase the collection of recovery.
• Launching a group of Balsam Medical plan amounting to 30 plans within five main programs.
• Launching a new medical insurance information system named (Medgo) to provide the sale channels with various services related to processes of policy issuance, claims, medical approvals and service providers.
• Creating the Investment Committee affiliated to the Board that is responsible for drawing up the Company investment policy and monitoring the performance of the investment portfolios.
• Tawuniya has been assigned (A) rating by Standard & Poor’s (S&P) for the fourth consecutive year.
• Forming, upon a free voting process, the first labor committee in the Company as per the Labor Ministry Regulations.
• The soft launching of eBusiness that provides online services to the clients and sales channels.
• Introducing the credit insurance for Key clients.
• Expanding the role of Risk Management Department to include governance and compliance to increase responsiveness of the Company to internal and external developments.
• Launching the Employee Development Review to provide a systematic approach in identifying the training and development needs of the Company Employees.
• 20 policies were approved as strictly compliant with the Islamic Law (Shariah).
• Approval of the growth strategy and infrastructure project aiming at identifying the opportunities available for the Company.
• Reorganizing the structure of operating and support departments.
• Restructuring the Assets Management by transferring it from a support department to a strategic business unit.
• Formation of the Nomination and Remuneration Committee in accordance with the requirements of the Corporate Governance Regulations.
• Official launching of eBusiness system.
• Expansion of SANAD plan to cover damage caused by hail and floods due to rains.
• The increase of company's capital from SR 500 million to SR 750 million.
• Restructuring Marketing, Sales and Key Accounts departments to realize more efficiency in terms of technical and marketing aspects.
• The application of a number of initiatives and upgrade of systems and procedures in the context of Fast forward strategy project.
• Modification and approval of the company corporate governance policy and its ratification by the General Assembly.
• Creation of a specialized department for risk control in P&C.
• Launching My Family medical insurance program to provide comprehensive health care to family members.
• Extending medical providers network to more than 1000 hospitals and medical center.
• Insurance SAMA approval to P&C insurance products targeting the mega projects.
• Launching Tawuniya App for smart phone.
• Launching on line travel insurance system.
• Opening the southern Area office to supervise the sales offices in the region.
• The increase of Company's Paid up Capital from SR. 750 Million to SR. 1,000 Million.
• Extending Sales Network to more than 100 sales offices Kingdom wide.
Capital & Ownership
The authorized, issued and paid up capital of the Company is SR 1,000 million consisting of 100 million shares of SR 10 each.The General Organization for Social Insurance 23%, the Public Pension Agency 24%, and 53% held by the public through stock market.
How to Reach us
The Head Office is located at:
ABRAJ Atta'awuneya, 700 King Fahad Road, Riyadh, Saudi Arabia.
P.O. Box 86959 Zip Code 11632.
Tel. 00966 11 218 0100
Fax 00966 11 2180102