Insurance firms will have to Saudize top positions: SAMA governor

30/04/2017 Argaam

Saudi Arabia’s insurance companies will have to train Saudis and hire them in technical and leading positions, after completing Saudization of the claims and customer care departments, said Ahmed Abdulkarim Alkholifey, governor of Saudi Arabian Monetary Authority (SAMA).

 

The Saudization rate in the kingdom’s insurance and reinsurance companies has reached 58 percent, he said at an industry event on Sunday.

 

Earlier this year, SAMA ordered insurance firms to achieve a 100 percent Saudization rate latest by July 2, 2017.

 

The kingdom’s central bank is developing the human resources of the insurance sector, Alkholifey said, adding that a number of Saudi students have gone on scholarships abroad to study actuarial science, in coordination with the ministry of education.

 

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