Alignment to Vision 2030

The insurance sector is one of the most important financial services sectors highlighted in the Kingdom’s Vision 2030, under its Financial Sector Development Program. Tawuniya’s Strategy 2025 remains in alignment with Vision 2030 objectives to develop a sustainable and thriving insurance sector in the Kingdom that contributes to the development of the economy, to the growth of the private sector, and the overall growth of the non-oil sector GDP.

While Vision 2030 focuses on strengthening the existing regulatory environment to encourage and increase the ability of the private sector to take risks, Tawuniya remains committed and on track to support the Saudi Government achieve these objectives by introducing innovative insurance solutions powered by digitalization and innovative thinking.

Tawuniya’s Five key strategic objectives of Strategy 2025 (elaborated on pages 12 and 13 above) are well aligned with the 2025 insurance sector commitments of Vision 2030, especially in terms of increasing the coverage ratio of both health and motor insurance schemes from 2019 baseline values. Tawuniya’s position as the pioneering and largest insurance company in the kingdom will help contribute towards the Vision 2030 objective of increasing the coverage ratio of health insurance schemes from 33% to 45%, and motor insurance schemes from 39.6% to 77% by 2025, thereby contributing towards the overarching Vision 2030 goal of increasing gross written premiums as a percentage of non-oil GDP from a 1.9% baseline value in 2019, to 2.4% by 2025.

With sustainability being at the heart of Vision 2030, Tawuniya also remains committed to the Kingdom’s ambitious 2060 net zero target, and plans on announcing its own net zero target that aligns with the Kingdom’s objectives in future sustainability reports.

Beyond the Company’s core insurance business, Tawuniya also continued to support the promise of Vision 2030 to build a “strong, thriving, and stable Saudi Arabia that provides opportunity for all”, by implementing and advancing a number of initiatives that contributed towards Vision 2030 objectives.