Alinma Tokio gets SAMA nod on insurance product for domestic worker contract

Logo of Alinma Tokio Marine Co.

Alinma Tokio Marine Co. obtained, on May 22, the Saudi Central Bank’s (SAMA) final approval on individual clients’ product.

In a statement to Tadawul, the insurer said the product approved is domestic worker employment contract insurance.

According to data compiled by Argaam, the Saudi Cabinet decided, in May 2021, obligating recruitment companies to insure the contract of domestic worker recruited by them, on behalf of the client.

The Ministry of Human Resources and Social Development (HRSD), in cooperation with the relevant authorities, is in the process of implementing the insurance decision on the recruitment contracts of domestic workers starting from this month, press sources disclosed earlier.

Gulf Union Al Ahlia Cooperative Insurance Co. and Walaa Cooperative Insurance Co. have announced obtaining the final approval from SAMA on the product for insurance on domestic worker employment contracts for individual clients.