Number of UAE nationals increased to reach 521 employees
Emiratization ratio in the insurance sector rose to 6.04 % in 2011
Fatima Al Awadi: The Insurance Authority’s initiatives enhanced Emiratization. Procedures on the way to increase work attractivity in the insurance sector.
The Insurance Authority declared today that the number of the UAE nationals working for the national and foreign insurance companies operating in the State surged by 20% to reach 521 employees in 2010 as compared with 428 employees in 2010 and thus the national employees represented 6.04% of the total employees in 2011 as compared with 5.23% in 2010.
H.E. Fatima Mohammed Ishaq Al Awadi, Deputy director General assured that the surge in Emiratization rate and the increase of the number of the nationals working for the national and foreign insurance companies operating in the State were due to a series of initiatives and procedures taken by the Insurance Authority last year and the few last years according to the instructions of H.E Eng. Sultan bin Saeed Al Mansouri, Minister of Economy, Chairman of the Insurance Authority to enhance Emiratization in the insurance sector which is deemed a main objective in the Insurance Authority’s practices and strategic plans in a manner that in line with the directives of the judicious leadership, the State’s methodology and the government’s policies.
She explained that the instructions of H.E Eng. Sultan Bin Saeed Al Mansouri and his great concern with enhancing Emiratization in the different sectors of the national economy-insurance is one of them-represent great incentive for the Insurance Authority to make many practical and distinctive initiatives to enhance Emiratization in this essential sector, indicating that the Insurance Authority will declare during the next period of time several practical procedures and initiatives aiming at enhancing attractivity of work for UAE nationals.
She assured that the Insurance Authority issued during the last period many directives and resolutions that assisted in increasing the number of the national employees working in the insurance companies in the State, participated in expanding the platform of training and rehabilitation and increasing the professional and educational standards of the national cadres operating in the insurance companies, making reference to the resolutions of linking granting the companies approvals to open new branches with employing certain number of UAE nationals, obliging the foreign insurance companies operating in the local market not employing nationals to attain the general ratio of Emiratization at least and forming a committee to manage the insurance and Takaful Training Center in collaboration with Emirates Institute of Banking and Financial Studies.
H.E Fatima Mohammed Ishaq Al Awadi, Deputy Director General indicated that analysis of the data received from the national and foreign insurance companies operating in the State on the number of the national employees and the total number of the employees working for them revealed that Emiratization ratio in the national insurance companies increased to reach 6.95% in 2011 as compared with 6.15% in 2010 while this ratio increased in the foreign insurance companies operating in the State to reach 3.46% as compared with 2.4%.
H.E. added that the number of the national employees working for the national and foreign insurance companies in the State increased by 22% to reach 521 nationals at the end of 2011 as the number of the national employees in the national insurance companies increased to reach 443 national employee on 2011 against 380 in 2010 while their number in the foreign insurance companies operating in the State increased to reach 78 nationals from 48 during the same period.
H.E. explained that analysis of the figures revealed that the number of the national and foreign insurance companies operating in the State scoring more than 8% Emiratization rate amounted 20 companies out of them 11 national companies and 9 foreign companies while the number of the companies scoring less than 8% Emiratization rate amounted 41 companies out of them 22 national companies and 19 foreign companies.
The number of the female national employees in all the insurance companies exceeded the number of all the male national employees and also while the rate of the females increased to reach around 82% at the end of 2010 compared with around 8% at the end of 2010, the rate of males decreased to reach around 18% as compared with 19.4%.
H.E. indicated that classification of the national employees in the national and foreign insurance companies operating in the State according to educational levels shown increase in the number of the nationals holding university degrees to reach 16% at the end of 2011 against 12% at the end of 2010; they are mostly concentrated in the national companies as well. The classification according to professional standard, the rate of the nationals occupying higher management classes and the middle reached 68% against 61% and the lower reached 25% against 29%.
She indicated that the number of the national employees working in the insurance companies as branch managers amounted 9 in 2011 out of that 8 in national companies and one in a foreign company against 6 in 2010 out of that 5 in national companies and one in a foreign company.
Resignation of the national employees of all insurance companies amounted 132 in 2011 out of that 116 from national companies and 16 from foreign companies.
H.E. assured that the coming years will witness material distinctive development in the process of Emiratization whether in quality or quantity especially, when the Insurance Authority initiates implementation of its Emiratization plan than in the insurance sector for the years 2012 -2014.
She said that Emiratization plan of the Insurance Authority in the insurance sector for the next three years seeks to attain two main objectives; firstly quantitative by increasing the rate of the national employees of the insurance companies to reach 15% of the total number of the employees of these companies at the end of the plan term in 2014 while the second is qualitative by preparing the national youth to handle the technical, financial and legal aspects of the insurance and reinsurance operations; not only to work in the administrative and marketing fields. That is to say to prepare these national youth to occupy advanced positions in the insurance companies-those companies are open for those scientifically qualified and practically trained to join them.
She indicated that Emiratization plans is encompassing several incentives presenting scientific progress and encouraging the national employee to acquire the scientific knowledge in the insurance domain by joining the training center that will avail the opportunity to participate in training sessions in addition to securing training sessions and studies in specialized Arab and International institutes.
It’s recalled that the Insurance Authority required all the insurance companies beginning of the current February to provide it with Emiratization plan of each company of the insurance companies operating in the State for the years 2012-2014 and the targeted Emiratization rate at the end of each year in order to enable the Insurance Authority following implementation and supervision of same in manner that attains the general goal of the Emiratization plan adopted by the Insurance Authority.