The Saudi Arabian Monetary Authority (SAMA) said in a statement that the rate of Saudisation in the insurance sector exceeded 70% by end-1Q18 vs. 58% in 2016. Saudisation has jumped more than 20% in 15 months, surpassing the regulatory percentage, which demands a 5% increase in the number of Saudi Arabians employed in the insurance sector every year. They currently occupy 53% of supervising positions in the sector, up from 36% in Dec 2016. Regulations state that the Saudisation rate for insurance companies and business owners must not be less than 30% in the first year after set-up.