Tawnuiya Anticipates Revenue Growth from Local Reinsurance Premium Assignment Mechanism

Tawnuiya Company announced on Sunday its expectation that the implementation of the mechanism for assigning reinsurance premiums to the local market will result in an increase in the company’s revenues from the Saudi market (according to the financial results for the year 2024, if issued).

The company also expected, according to its statement on “Tadawul”, that the positive financial impact will be visible on the financial results for the fiscal year 2025.

This came in reference to the circular of the Insurance Authority regarding the implementation of the mechanism for assigning reinsurance premiums to the local market by at least 30% for the year 2025, from (each agreement) related to contractual reinsurance upon negotiation and (each risk) related to optional reinsurance (proportional and non-proportional) starting from Jan. 01, 2025, in order to enhance the participation of local reinsurance activity in covering insurance risks in the Kingdom.