Al Rajhi Takaful launches CWI product in partnership with Munich Re

Product launch ceremony

Al Rajhi Company for Cooperative Insurance (Al Rajhi Takaful) announced launching the construction warranty insurance (CWI) product in partnership with Munich Re, for the government and quasi-government sector.

The insurer also indicated in a previous statement that the CWI product provides insurance coverage for the real estate developers and residential buildings contractors against construction defects that may appear after construction completion and may harm the existing buildings.

In this regard, a strategic partnership was concluded with Munich Re, one of the world’s largest insurance and reinsurance companies. It will provide Al Rajhi Takaful and its clientele with the best expertise and consultants.

This strategic partnership will also allow to leverage on the expertise of TUV SUD, a global market leader in this field, to provide the technical inspection during the construction works and ensure accuracy and quality.

However, the CWI product will not replace the compulsory insurance policy for hidden defects, which was issued by the Saudi Central Bank (SAMA) for non-governmental sector. It rather complements the insurer’s vision to revamp the insurance concept across the Kingdom via the introduction of innovative and value-added products.