Tawuniya expects revenue surge on reinsurance cession to local market

17/11/2024 Argaam
Logo ofThe Company for Cooperative Insurance (Tawuniya)

Logo of The Company for Cooperative Insurance (Tawuniya) 

The Company for Cooperative Insurance (Tawuniya) anticipates increased revenue from the Saudi market on the new mechanism for reinsurance premiums cession to local market, as reflected in its upcoming 2024 financial results.

 

In a statement to Tadawul, the company said this development follows an Insurance Authority (IA) circular dated November 14, 2024.
The circular requires the cession of at least 30% of reinsurance premiums to local market for 2025. This applies to all reinsurance treaties at negotiation stage and to each risk associated with facultative reinsurance (both proportional and non-proportional), effective Jan. 1, 2025.

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