This step is part of Tawuniya's efforts to develop new and innovative insurance products suitable for all customer needs, which in turn will reflect customer experience and improve service levels.
The insurance covers the risk of postal parcel loss or damage that may be faced during the transportation phase. These risks are borne by the licensed company that obtains the parcel transportation service.
The importance of this insurance coincides with the rapid growth of local and global e-commerce, as the e-commerce market in Saudi Arabia has achieved rapid growth supported by a significant shift from traditional shopping to online shopping.
There are several reasons for this, the most important of which is that the number of Internet users in Saudi Arabia has increased to 31 million users. According to statistics from Statista in 2020, this number is expected to reach 35 million users by 2023. On the other hand, the Saudi Central Committee The bank revealed that the country's digital payment volume has increased, compared with December 2019, an increase of 6.12% at the beginning of 2020.
In this context, Mr. Sultan Al Khamshi, Chief Executive Officer of Property and Casualty Insurance, said: “The Kingdom of Saudi Arabia has made significant progress in the United Nations E-Commerce Index, ranking 49th in the world in 2019. As the market changes and customers The needs of the postal sector, especially after the impact of the new crown epidemic on consumer purchase behavior, are directly reflected in the needs of the postal sector. Therefore, obtaining appropriate insurance protection has become an urgent need to provide protection for this important sector."
It is worth noting that Tawuniya launched new insurance products in the Saudi insurance market earlier this year, the most important of which is the innovative Motor flex insurance, which provides car owners with flexibility and the ability to design insurance. The Middle East and North Africa launched the "Vitality Cooperation Program" aimed at improving the health of medical insurance members and rewarding them for the healthy choices they make.