Saudization at 70% in insurance sector
Thursday, 05 17 2018, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Saudization rate in the insurance sector stood at over 70 percent by the end of the first quarter in 2018, versus 58 percent in 2016, the Saudi Arabian Monetary Authority (SAMA) said in a statement.
The sector’s Saudization rate has jumped more than 20 percent in 15 months, surpassing the regulatory percentage which demands a 5 percent Saudization increase in the insurance sector every year.
Saudis occupy 53 percent of supervising positions in the sector, a big leap from 36 percent 15 months earlier.
Under the regulations, the Saudization rate for insurance companies and business owners must not be less than 30 percent in the first year after set-up, and should increase annually by 5 percent.