Saudi Arabia – SAMA and Health Council coordination to strengthen efficiency
Monday, 07 13 2015, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Saudi Arabian Monetary Agency said it is investing more efforts into strengthening development and stability in the Saudi insurance sector. Among this efforts is the increased coordination between regulatory authorities to ensure harmony between the different insurance systems, in order to strengthen the operational efficiencies and the stability of the insurance market.
According to the financial stability report issued by the Agency, the increased cooperation between “SAMA” and the Council of Cooperative Health Insurance will limit the necessary procedural reforms and the conflicts in implementing the system. The report also recommends building human competencies, disciplined underwriting skills in order to speed the development of the insurance field. It is noted that insurance specializations are not common in Saudi universities, so there is a shortage of Saudi talent in the fields of underwriting and pricing. He indicated that this shortage is pronounced in the middle management of insurance companies. But since insurance necessitates highly skilled personnel and a deep knowledge, it is necessary to launch programs to improve insurance-related skills and preserve a healthy working environment to encourage Saudis to enter the insurance field.