Saudi Arabia – SAMA monitors unprofitable insurers
Wednesday, 06 01 2016, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Vice-Governor of the Saudi Arabian Monetary Agency (SAMA) Mr. Abdulaziz Al Furaih is coordinating with the Ministry of Commerce and Investment on the issue of insurance companies that post accumulated losses above 50% of capital. It also coordinates with the companies given that the Ministry of Commerce extended a deadline to one year in order for companies to correct their situations.
Mr. Al Furaih said in a press release in the margins of the “Employment Day” which was held in Riyadh yesterday that “SAMA” is working on increasing the Saudization of the insurance workforce in order to reach the same level achieved in banking indicating that the total number of employees of cooperative insurance companies operating in the Kingdom reached 9607 employees by the end of last year where Saudis represented 57.4% of the total insurance companies’ employees noting that the Saudization rate in non-management position increased last year to 62.2%.
Source: Al Hayat