KSA – The Insurance Sector and the program proposal
Tuesday, 10 06 2015, Category: Insurance and Reinsurance, Country: Saudi Arabia
The “Human Resources Development Fund” in Saudi Arabia known as “HADAF” which was established by a decision of the council of ministers 15 years ago in order to promote the employment of citizens, provide them with adequate training and encourage them to work in the private sector.
We note that 234 enterprises were licensed by the Saudi Arabian Monetary Agency in order to conduct insurance and reinsurance, related professions, insurance agencies, actuaries, loss surveyors, loss adjustors and insurance consultants.
The insurance sector is one of the promising sectors given its promising growth rates, its economic importance for the national economy. However, only a limited number of citizens work in its specialized jobs which require a specialized training and education bearing in mind that the Arabic language is the language of business according to the law of the Saudi Arabian Monetary Agency.
In order to fulfill the objectives of the “Human Resources Development Fund” we expect the fund to adopt a program for the insurance sector which will aim at increasing the Saudization in the sector.