Saudi-based Company for Cooperative Insurance (Tawuniya), a joint stock company, has launched an insurance programme for small and medium enterprises (SMEs), with the aim of supporting the national economy.
The programme, ‘360° Integrated Insurance Program for Small and Medium Enterprises (SME)’, will provide full insurance solutions to business facilities’ staff, said a statement from the company.
This step is part of the cooperative strategy to support the private sector and activate the role of the national economy as well as the National Transformation Program 2020, it said.
Tawuniya also launched an extensive one month social media campaign titled "Focus on your business and do not be worried".
Majed Ahmed Al Bahiti, marketing general manager, Tawuniya, said: “Our programme will allow owners of SMEs to meet their needs of medical, vehicle and property insurance through one company.”
“So, it will be easier for them to manage their insurance accounts without additional financial or administrative burdens,” he said.
“Enhancing the risk management culture among SME officials is an important issue to develop strategies, design business approaches and achieve objectives of the private sector which contributes 33 per cent of Saudi Arabia's gross domestic product (GDP),” he added.
Al Bahiti continued: “The programme will introduce 30 years of experience to the SME sector and provide technical risk advice to its officials as Tawuniya understands the nature of the SME sector's work.”
“It will offer three basic covers: medical insurance, which provides various categories of health care with the highest medical coverage of SR1 million ($266,631) per person a year, through 2000 hospitals and medical centres inside and outside the kingdom,” said Al Bahiti.
“The programme also offers business insurance that provides suitable insurance packages for various business activities including traders, manufacturers, contractors and hospitality,” he added.
Al Bahiti further noted that the programme will also provide vehicle insurance to SME owners with liability coverage, up to SR10 million ($2.66 million).
“The service includes natural hazards such as floods caused by rains as well as premium coverage of goods while transporting by vehicles and additional expansions to increase the level of insurance protection,” he added.
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