Saudi Arabia mandates national workforce for insurance sales roles
Move aligns with national strategy, "Saudization"
Saudi Arabia mandates national workforce for insurance sales roles
INSURANCE NEWS
By Roxanne Libatique
18 Apr 2024

On Monday, the Saudi Ministry of Human Resources and Social Development started enforcing a new policy requiring that all sales positions within the insurance industry be held exclusively by Saudi nationals.

According to the Saudi Gazette's report, this directive is part of a national strategy known as Saudization, which seeks to bolster employment opportunities for Saudi citizens in key economic sectors.

Saudization of insurance sales jobs

This policy was developed in conjunction with the Saudi Insurance Authority, which will oversee its implementation to ensure compliance across the sector. The authority's role includes continuous monitoring from the date the policy goes into effect until the Saudization targets are fully met.

The decree, initially issued by the Insurance Authority in December 2023, applies specifically to roles associated with the sale of insurance products, stipulating that individuals in non-sales insurance positions are not permitted to receive sales-related commissions.

According to the Saudi Gazette, the implementation of this Saudization measure is expected to significantly impact the insurance industry and contribute to the broader national goal of increasing the overall Saudization rates within the kingdom. It aims to cultivate a pool of domestic talent specialised in the insurance field, thereby elevating service quality and sectoral performance.

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