Saudi Arabia Begins Saudization of Insurance Product Sales Jobs

April 16, 2024 thehrobserver-hrobserver-saudiarabia

The Ministry of Human Resources and Social Development in Saudi Arabia has implemented the government’s decision to localize all positions associated with the sale of insurance products.

The decision began effective Monday, April 15th of this year, in order to create more jobs for Saudi citizens. 

In collaboration with the Insurance Authority, the ministry stated that localizing insurance roles will enhance the economic activity of the insurance industry.

The decision to localize all jobs related to sales of insurance products was announced in December 2023. According to this decision, employees in the insurance sector outside of sales roles are prohibited from accepting any commissions associated with sales.

The two entities expect this decision to have a significant impact not only on the sector but also on the total numbers of Saudis working in the Kingdom. Nonetheless, this measure is believed to foster the development of specialised local talents who are keen on the insurance industry, while also enhancing the overall performance of the quality of services rendered.

The Insurance Authority said it will monitor the enforcement of the Saudization directive from its issuance until they achieve the target number of Saudis in the industry.

The Saudi Nationalization Scheme is a driving force for the Kingdom’s Vision 2030 to diversify the economy. The aim of the strategy is to empower Saudi citizens through enhanced education and job prospects in the years ahead.


The HR Observer

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