Q: I am an expatriate working in the Sales Department of an Insurance Company in the UAE. I would like to know about the Saudi insurance sector as I am keen to find a job in Saudi Arabia. How should I go about it? A: Presently, the insurance sector in Saudi Arabia is going through a regulation phase. On the business front, there is potential for growth but the anticipated recession will have a negative impact on the industry, especially on new players. Currently, most of the Companies are registered with Saudi Arabian Monetary Agency (SAMA). Some more companies are expected to be registered soon. All the companies have their Saudization quotas which need to be filled up to comply with the SAMA guidelines. Companies which are not registered are finding it difficult to obtain visas for expats, whereas those registered are in the process of completing the Saudization quotas. To find companies registered with SAMA please visit their website. It gives you detailed information about insurance companies and insurance providers. The easiest way is to target the Insurance Company you would like to work for and send your CV to the company's email ID. You can also get yourselves registered with online manpower agencies like Bayt.com and Gulftalent.com to apply for jobs as and when a vacancy is advertised. Q: We had purchased a brand new vehicle and insured it for Comprehensive All Risks Insurance. I saw scratches on my parked vehicle. I had seen some boys around the car but did not see them damaging the car. I know it is not an accident but is this type of damage covered under the policy? A: The above incident is a malicious act and most comprehensive policies provide coverage for damages due to malicious act. You need to look at your policy. It may either be specifically covered under the policy or may not be shown under the exclusion portion of the policy. Under both the cases, it is covered by the policy. You have to notify your insurers about the damage caused to your vehicle. Based on the type of damages the insurers may give you an approval to get your vehicle repainted after necessary formalities. Since your vehicle is brand new, you also have an option to get it repaired at the Agency. * Shujaath Ahmed Khan, an MBA, General Manager, Creative Associates is also a consultant and an expert in Insurance, Investments and Real Estate. He can be contacted at [email protected], website-www.creativeassociates.blogspot.com. __
