SAMA to Saudize Insurance Jobs

Press release
Published July 4th, 2017 - 11:42 GMT
SAMA will not provide additional time for insurance companies to appoint Saudis in specific jobs. (SAMA)
SAMA will not provide additional time for insurance companies to appoint Saudis in specific jobs. (SAMA)

The Saudi Arabian Monetary Authority (SAMA), the Kingdom’s central bank and insurance regulator, said it will not extend the grace period for Saudizing administrative and customer service jobs at insurance companies and that defaulters will be punished.

Company officials said they have completed procedures to Saudize jobs as demanded by SAMA. Some companies said they required some more time to comply with the decision.

“SAMA will not provide additional time for insurance companies to appoint Saudis in specific jobs,” said Salah Al-Jubeir, chairman of the insurance committee at Asharqia Chamber.

“Companies will be held responsible for any negligence in this matter,” he said, adding that most companies are capable of implementing the decision thanks to their strong financial position.

He emphasized the plan to Saudize all jobs in the sector gradually to solve unemployment problem. “We intend to Saudize technical and leadership jobs in the next phase,” he added.

Dr. Ahmed Al-Khulaifi, governor of SAMA, said that it has been the agency’s strategy to enhance Saudis’ professional skills and employ them in important positions.

He commended insurance companies for achieving 60 percent Saudization last year. “Our aim is to train and employ Saudis in leadership and technical positions,” he said and urged insurance firms to train and qualify Saudis to take leadership and technical jobs as quickly as possible.

Al-Khulaifi advised companies to make use of existing courses offered by Saudi universities to train required staff members. He emphasized the need to Saudize jobs by 100 percent at vehicle claims department, claims receiving centers, vehicle inspection department, debris management and recovery functions, and customer care and complaints handling department.

Eid Al-Nasser, former chairman of the insurance committee at Asharqia Chamber, called on insurance companies to set out a training plan to Saudize jobs to run the sector in a more professional manner.

Abdul Aziz Al-Khereji, a member of the committee in Asharqia Chamber, said the insurance sector offers a large number of direct and indirect jobs for Saudis. He said several Saudis have attended courses ahead of SAMA’s decision to Saudize administrative and customer care jobs in the sector.

“They have attended advanced courses inside and outside the Kingdom to get available jobs. Some promising jobs in the sector require international certificates,” he added.

Source: Saudi Gazette

Background Information

Saudi Arabian Monetary Authority (SAMA)

Saudi Arabian Monetary Authority (SAMA), the central bank of the Kingdom of Saudi Arabia, was established in 1372H (1952). It has been entrusted with performing many functions pursuant to several laws and regulations.

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