Walaa Insurance says SAMA approves pact with Tawuniya for COVID-19 insurance product

Walaa Cooperative Insurance Co. announced that the Saudi Central Bank (SAMA) approved today, May 10, 2021, to the signing of an agreement by insurance companies to participate in the insurance pool managed by The Company for Cooperative Insurance (Tawuniya) that covers the risks arising from COVID-19 for Saudis travelling out of the Kingdom.

Earlier this month, Tawuniya received SAMA's final approval on an insurance product for covering COVID-19 risks for Saudis travelling out of the Kingdom.

According to the data available with Argaam, SAMA and the Council of Cooperative Health Insurance (CCHI) announced on May 2, 2021, that they would update the insurance policy forms for non-Saudis coming from outside the Kingdom for tourism, visits and Umrah by adding coverage for coronavirus infection risks.

The insurance coverage will help save treatment costs, along with expenses for quarantine procedures and medical evacuation, if required.