16/07/2012
Specialists in insurance sector estimated the percentage contribution of the Gulf in Saudi companies for insurance about 25 percent of the 34 Saudi companies, considering this ratio as'' reasonable'' as a result newness insurance system in Saudi Arabia.
They caution at the same time of an irregular elements of target profit with consumers in the absence of a culture of awareness despite the attempt of the concerned authorities to reduce the continuity of such irregular elements in the market, with the importance of focusing on the training of workers in the sector to achieve the required level.
Hussein Alshebaan Vice Chairman of the Insurance Committee in the Asharqia Chamber said that the proportion of foreign contributions is less than the Gulf, pointing out that cooperation with Gulf companies or foreign is beneficial to Saudi companies in terms of expertise, attract labor, multiple customers and their service within and outside Saudi Arabia.
He added to "aleqtesadia": The insurance sector as in the Saudi market recently, most companies were registered in a number of Gulf countries like Bahrain and the UAE, and working in Saudi Arabia through the agents, where there was no insurance law.And noted that there is no difference in the gulf companies contributing to Saudi companies from which Contributions of non-Saudi in terms of services provided, with the exception of that experience in the company's largest contribution being linked to a company with a longer life, while the Saudi companies with expertise in the local market.
He expected companies raise capital soon in order to conform with the prescribed solvency of the institution after the Monetary find some companies and the temporary stoppage of trading in the stock market due to confusion and instability witnessed by the sector during recent times.
For his part, said Mamdouh al-Shahrani, Assistant General Manager of Falcon Insurance Company,that the lack of insurance in Saudi Arabia, formerly contributed to the presence of foreign contributions and in particular Gulf in insurance companies at the establishment, and that this does not mean the absence of 100 percent Saudi insurance companies, in the market. He added that the absence of universities concerned with the rehabilitation of the insurance industry is also contributed in attracting foreign staff of the market rather than the use of national cadres.
He emphasized that the cadres working in the insurance sector are not in the required level compared to high salariesand therefore training courses will be given in contract with the Chamber and the Bahrain Institute of Banking for the training of workers in the insurance sector.
He noted that 40 to 50 per cent of employees in insurance are not consistent in their places of work, but moving from one place to another and this is what the Saudi market witnessed during recent times, despite the severe need for people with experience.
