Saudi insurance sector capable of creating jobs for citizens
Thursday, 03 25 2021, Category: Insurance and Reinsurance, Country: Saudi Arabia
The rate of Saudization in the insurance sector reached 75% compared to 35-40% in the past, Abdullah Al-Tuwaijri, director general of insurance supervision at Saudi Central Bank (SAMA), said.
During a session at the Economic Growth Forum, held on March 23, Al-Tuwaijri said that the high Saudization rate indicates that the sector is capable to creating more job opportunities for citizens.
He attributed the delay in the growth of insurance companies to their relatively low capital in the beginning, compared to the size of the local economy.
Al-Tuwaijri also praised the recent mergers in the sector, as they will create stronger entities, help the sector grow faster, and achieve financial sustainability.
He explained that the regulatory developments such as product controls, product committee and actuarial controls aimed to enable innovation, protection of consumers and establishment of stronger entities.