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31st May 2016

Al Tamimi: Insurance sector supports Nationalization programs and provides versatile jobs


Mr. Raeed Al-Tamimi, Chairman of the General Committee for Insurance Companies and CEO of the Company for Cooperative Insurance (Tawuniya), has confirmed that during the last 5 years, the number of Saudi nationals working in the Kingdom’s insurance sector has increased by 44%, from 3,962 workers in 2011 to 5,706 workers in 2015. Nationalization within the insurance sector has increased from 53% in 2011 to 59% of the current 9682 workforce in 2015.

Al Tamimi attributed this increase in the Nationalization rate to the market stability, infrastructure development and increase in technical practice standards against the backdrop of a new legislation that has brought about a new outlook and promoted healthy competition. Based on these factors the market has also achieved unprecedented growth and increased its size to 35.6 billion Saudi Riyals in 2015 with a significant increase in insurance penetration and density rates, although these rates are still below the ideal levels.

While giving the keynote address at the opening ceremony of the Career Day organized by the Executive Committee of Insurance Companies, in collaboration with the Institute of Finance at the Riyadh Mövenpick Hotel, Al Tamimi said, "The Saudi insurance sector is one of the important sectors for Nationalization and offers a variety jobs with unlimited opportunities to choose and develop professional career paths as well as great opportunities for training and skills development.”

Around 40 organizations from the insurance sector participated in the Career Day and more than 1,000 jobs were available to job seekers. Workshops were organized to introduce the insurance sector and some general and technical functional disciplines. The workshops provided job seekers the opportunity to increase their awareness about the insurance sector in general as well to learn more about the skills required to work in this field.

Al Tamimi stated that, "The insurance sector is capable of attracting a wide range of Saudi talent including those who are looking for opportunities to enter the sector through company offers made during the Career Day." He explained that the sector provides a variety of opportunities to recruit young Saudis in specialized positions such as insurance underwriting, claims services, re-insurance, risks control and estimate & loss assessment, as well as the technical disciplines and actuarial experience. The insurance sector also provides jobs in other areas that include financial management, marketing and sales, human resources, training, legal affairs and internal control, customer service, media and public relations.

Al-Tamimi said, "Insurance companies are seeking to raise the percentage of Nationalization within the insurance sector to conform with other private sectors supervised by SAMA." He pointed out that that there were 234 agencies and units operating under the insurance umbrella which included insurance and reinsurance companies and the self-employed consisting of insurance brokers, insurance agents, actuaries, loss assessors and loss adjustors, settlement specialists and claims consultants.

At the end of his speech, Mr. Al Tamimi invited the Saudi youth to take full advantage of the career opportunities available by attending interviews with the representatives of participating companies and encouraged them to choose jobs that matched their abilities and ambitions.