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Saudi Arabian Monetary Authority provides training solutions to the insurance sector and nationalizes more than 70% of the sector jobs
5/16/2018 12:00 AM

     Saudi Arabian Monetary Authority (SAMA) confirmed that nationalization of insurance sector jobs by the end of the first quarter of 2018 had exceeded 70% compared to 58% in 2016. Thus, in 15 months, nationalization rate exceeded the normal rate, which is 5%. While the nationalization of the supervisory positions jumped from 36% to 53% scoring a big jump in 15 months only. This distinctive development in nationalization of the insurance sector coincides with the training solutions provided by SAMA to both graduates students (male and female) in order to improve the financial sector services in general and the insurance sector in particular. In this regard, SAMA announced the graduation of 143 bachelor and diploma students in four batches from Riyadh, Jeddah and Dammam. 101 graduates joined official jobs in 28 insurance-companies during the past weeks; scoring a record by hiring more than 70% of those who passed the training program. SAMA is keen to recruit all program' graduates in the insurance sector exclusively in an attempt to qualify and nationalize this vital and crucial sector. SAMA asserted as well on supervising and recruiting all graduates in the insurance sector promptly. SAMA governor, Dr. Ahmad Al Kholifey pointed out in a previous speech during the graduation ceremony of the 1st batch in Riyadh, that "SAMA is constantly providing a number of programs and training courses. This came as an effort to promote the performance of financial services jobs in the kingdom by improving their capabilities in the financial sector in general and by providing the appropriate training solution."

It is worth mentioning that the preparatory 11-weeks insurance industry program provided in Riyadh, Jeddah and Dammam trained a number of graduates (male and female) who are qualified to work in the insurance sector. The course program encompasses several units including fundamentals of insurance, scientific units in medical insurance, vehicle insurance, property insurance, customer services and self-management. The program includes also on job training unit where trainees can attend 10-days practical-work training in an insurance company. The program concluded with technical units in which training on sales, claims and insurance subscription is covered

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