THE Company for Cooperative Insurance (Tawuniya) has been awarded as the “Best Insurance Company in the GCC” for 2017. The award was granted by World Finance Magazine, one of the world's leading business news platforms.

World Finance Magazine’s Panel Committee awarded Tawuniya after the leading insurance company met the criteria and standards, which included diversified investment, asset management, product suitability, customer service, competitive position, innovation index, risk management, Saudi staff development, generating new job opportunities and transparency, as well as the votes of readers of the magazine's website around the world.

Majed Al-Bahiti, Tawuniya's Marketing General Manager expressed his happiness and, said: "The award proved that Tawuniya, as the leading insurance company, has the elements of excellent. 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 %. The company has also the highest credit rating by Standard & Poor's for the 12th years respectively. The company provides the largest insurance portfolio with more than 60 line of business under medical, motor and property and casualty insurance segments. Tawuniya also has the largest sales network of 117 offices and the largest network of medical service providers, including 1500 hospitals, clinics and medical centers besides the local and international network.”

Al-Bahiti added that “Tawuniya has a strong financial position based on the highest paid capital of SR 1,250 million, the largest total assets of SAR 13.5 billion and the largest gross written premiums of SR 8.1 billion. Moreover, Tawuniya has the highest Saudization rate in the Saudi insurance sector which reached around 80%. At the same time, the leading insurance company, Tawuniya, has 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.

"This award appreciates our ongoing efforts to accompany the latest developments in the market, the changes in social and economic environment and the growth in several key fields, clarity of strategy, vision and mission, as well as the implementation of a customer-cintricity strategy that focus on our customers to be supported by all innovative products and services,” Al-Bahiti noted.

It is worth mentioning that this award will be added to three unique achievements set by Tawuniya in 2017, 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 in addition to its rank in BrandZ top 20 Most Valuable Saudi Arabian Brands 2017. — SG