Twelve of Saudi’s top ‘rising talent’ insurance professionals are visiting London to take part in an eight-week internship programme across the Lloyd’s London market in partnership with the Saudi Arabian Monetary Authority (SAMA).
As part of Lloyd’s long-term strategy in Saudi Arabia, the programme has been created by Lloyd’s in collaboration with SAMA to build and develop a training platform for Saudi’s top insurance professionals.
Working in collaboration with top managing agents, namely Chaucer, MS Amlin, Talbot, Cobalt, Probitas, Hiscox, CV Starr, Neon, XL Catlin and Asta, the internship offers first-hand technical exposure and a deeper insight into the Lloyd’s market, as well as access and insights from key market networks such as the Chartered Insurance Institute, London Market Group, Lloyd’s Market Association and London & International Insurance Brokers’ Association.
The Authority has advocated for Saudi insurers to proactively upskill and develop more capability, particularly in special classes of business and reinsurance, recognising the insurance sector as a key future contributor to Saudi’s economic and professional development, as well as a key focus area for localisation of workforce in Saudi Arabia. Training and exposure within the Lloyd’s market provides a 300-year breadth of knowledge from the world’s leading insurers and reinsurers with expertise of 60 product lines offered through 4,000 global experts.
Saudi Arabia is the second-largest market for Lloyd’s in the Middle East region managed through the UAE with further growth expected as the country continues its drive towards economic liberalisation and diversification. After discussions with SAMA and the Insurance Executive Committee (IEC), it was agreed that a training programme in the hub of the London market would foster a greater knowledge transfer and create a foundation of proficiency and best practice for the wider market to build upon for many years to come.
“As part of our long-term strategy in the Middle East it is essential that we contribute to building and fostering a network of talent who will be advocates of our market and help generate new opportunities in the region for the Lloyd’s market, representing a valuable opportunity to all parties,” said Mr Mark Cooper, Lloyd’s General Representative for the Middle East.
“We look forward to raising the workforce localisation rate in the insurance sector, which reached 70% this year, by injecting qualified cadres to the sector. SAMA is keen to provide a strong foundation to the insurance sector by providing a number of training programmes, courses and professional certificates in order to improve the function’s performance of the insurance services in the kingdom,” said Mr Hesham Tashkandi, GM of Insurance Supervision Department in SAMA.
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