UAE: Number of local hires in insurance sector grows
Source: Middle East Insurance Review | Nov 2019
The new Emiratisation points system of the Insurance Authority (IA) has resulted in an increase in the number of UAE nationals working in the insurance sector, especially in technical areas, according to the regulator in a statement.
The number of UAE nationals employed in the insurance industry in 2018 increased by 21% compared to 2017 as 228 citizens joined the sector.
The Authority has paid special attention to the employment of UAE nationals in specialised and management positions in insurance companies. The IA data show:
- Anti-money laundering and terrorist financing officers: 43 out of the total number of 62 of anti-money laundering officers are UAE nationals with an Emiratisation rate of 70% in this line;
- Chief innovation officers: 56 out of 62 working chief innovation officers are UAE nationals, with an Emiratisation rate of 90%; and
- Sales centres officers: 47 are UAE nationals representing 100% Emiratisation.
With Emiratisation at the forefront of its strategic priorities and plans, the IA has introduced programmes which include training initiatives in insurance and actuarial sciences, and combating financial crimes. The UAE nationals attend the training free of charge.
The IA said, “The Emiratisation strategy of the IA has a holistic and long-range view that seeks not only to increase the number of UAE nationals, but also to introduce generations of specialised and professional UAE nationals to participate effectively in the paths of research, entrepreneurship and the insurance market.”
Points system
Meanwhile, the number of insurers committed to applying the Emiratisation points system, implemented since last year, reached 42 out of a total of 62 companies.
Under the system, target points are determined based on the GWP of an insurance company. To meet the target, the insurer has to hire locals, with the number of points allocated being proportional to the number and seniority or expertise level of jobs. Points are also allocated for training and development efforts for nationals. Fines are imposed on insurers that fail to meet target points at the end of each year.
Moreover, the Authority has implemented an electronic platform that allows it to review insurers’ compliance with localisation requirements. Insurers can also post job vacancy announcements on the IA’s website for UAE nationals to apply to them. M