Saudi Arabia: Localisation ratio edges up in sector

Source: Middle East Insurance Review | Dec 2020

Saudi employees accounted for 74% of the total number of employees in insurance companies in 2019 compared to 72% in 2018, according to a report by the Saudi Arabian Monetary Authority.

The total number of employees of insurance companies operating in the kingdom at the end of 2019 was 11,213 employees, compared to about 11,726 at the end of 2018.

To promote professionalism in the insurance sector, the Insurance Foundation Certificate Examination has been made mandatory for employees of insurance companies. This test covers work controls and the basic principles of the laws and regulations related to insurance, etc, so as to ensure that industry executives have the minimum knowledge and skills required to work in the sector. M

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