Saudi Arabia: Localisation in insurance sector reaches 66%
Source: Middle East Insurance Review | Feb 2018
Localisation of manpower in the Saudi insurance sector reached 66% at the end of the third quarter of 2017, up from 58% at the end of 2016, according to Dr Ahmed Al-Khulaifi, Governor of the Saudi Arabian Monetary Authority (SAMA).
He revealed this at a graduation ceremony at the Institute of Finance in Riyadh of around 40 trainees, representing the first batch of the institute’s insurance industry training programme.
Dr Al-Khulaifi urged insurers to employ these qualified national cadres to continue raising the percentage of localisation of the labour force in the insurance sector, reported Makkah Newspaper.
He said that a number of training courses and programmes will be offered in order to improve the performance of the financial services industry in the Kingdom by developing the capabilities and skills of workers in the sector.
The duration of the insurance industry’s preparatory programme is 11 weeks. The programme is offered in Riyadh, Jeddah and Dammam to men and women. It consists of several modules, including a basic insurance unit and modules covering medical insurance and vehicle insurance, etc.
The programme also includes a practical module during which trainees work for 10 days in an insurance company.
SAMA has launched a localisation programme to boost employment of Saudi citizens in the private sector. Among its goals is 100% localisation of sales jobs in the field of individual insurance. This follows the successful Saudisation of all motor claims handling positions. The financial regulator also aims to localise senior and technical positions in insurance companies. M