Tawuniya’s General insurance business includes coverage of property, engineering, marine, aviation, energy and general accidents insurance coverage. Generally, geopolitical developments impact this division more directly than other insurance divisions, making reinsurance arrangements and investment adjustments more common. Tawuniya closely monitors these developments and implements hedging policies that facilitate more positive outcomes for individuals and corporates covered by our comprehensive general insurance policies.
General risks are assessed in detail based on their potential impacts on Tawuniya. In the evaluation of such risks, are continually assessed, with a plan to introduce additional environmental assessment criteria in the future. Tawuniya is developing insurance products to insure solar panels, to support the Kingdom’s transition to more renewable energy sources, while also working to integrate sustainability into the claims process by encouraging the use of sustainably sourced materials for repairs over replacement wherever possible. Furthermore, Tawuniya works with experienced engineers to perform comprehensive assessments of the potential risks of underwriting.
Tawuniya is insuring General clients across all major Saudi industries, and the customer journey across a majority of our General line products for retail clients – from application to claims – have been fully digitized. Tawuniya continuously aims to educate clients regarding accident prevention across all General insurance industries and sectors. The company conducts regular surveys to better understand its clients and the issues they face in their respective industries.
2022 Highlights
During the year under review, a total of 489,513 new General insurance policies were issued, recording a 98% sales growth across the business vertical. Of the total General insurance claims received in 2022, 25% were made online, a successful 100% year-on-year growth.
The total gross written premiums for Tawuniya’s General business line totaled SAR 2.13 Bn. for the year under review, with the business line contributing 19% of Tawuniya’s total revenue in 2022.
Personal/Individual General Insurance products
Home Insurance
A property insurance policy to help cover homes and all personal belongings within, from unforeseen circumstances such as burglaries, fires, floods, earthquakes, storms, and explosions, for stronger financial and social security.
International Travel Insurance
Designed to eliminate risks and uncertainties for Saudi nationals for traveling across the GCC, Schengen countries, and other worldwide destinations.
Medical Malpractice Insurance
Protects medical professionals from risks associated with their work, and the third-party legal liability that may arise from any error, negligence, or omission incurred during their work.
Corporate General Insurance products
Tawuniya offers two distinct categories of covers for businesses to identify, analyze and manage their General risks based on the number of employees and resulting number of coverages required.
Small and Medium Enterprises (SMEs) – 360° Property & Causality Program
Tawuniya offers a 360o insurance plan for all insurance needs for growing businesses with less than 250 employees, including programs tailored to suit four key SME sectors in the Kingdom; hospitality, trading, contractors, and manufacturing.
Mid-to-Large Corporates
For larger businesses with over 250 employees, Tawuniya offers a range of General covers:
a. Property Insurance
Provides coverage to companies and institutions for land based, location based, stationary, tangible, physical legal asset. Items insured include, but are not limited to buildings, plant and machinery, stocks, furniture, fittings, electronic equipment, etc. The policy can be extended to cover loss of profits arising from loss to the premises or its content.
b. General Accident Insurance
Protects businesses against financial loss due to crime, damage to property, legal liability and other special risks.
c. Engineering Insurance
Covers loss of contract works, construction site, equipment and machinery, and third-party claims in respect of property damage or bodily injury arising from a construction project.
d. Aviation Insurance
Covers physical loss or damage to the insured cargo, liability of the cargo owner, as well as, litigation and labor charges in an attempt to minimize the loss.
e. Marine Cargo & Marine Hull
Covers physical loss or damage to the insured cargo, liability of the cargo owner, as well as, litigation and labor charges in an attempt to minimize the loss.
f. Energy Insurance
The large petrochemical complexes, state-of the-art power plants, mining operations are fraught with a multitude of risks throughout the development, construction and operation stages and therefore require the most comprehensive and complex insurance covers.
