Accepting People's Risks is Big Business
In every business transaction, and in everything we do in life, there
is an element of risk. Insurance is the business of accepting other
people's risks in return for a price. This simple concept has turned
out to be a very useful to both businesses and individuals. In fact,
it has given risk to a huge industry in Singapore and the world.
Insurance is not just for you or your personal property. Shops, offices,
factories and hotels all need insurance. Airlines insure their very
expensive jumbo jets; shipping companies insure their vessels; and
oil companies - their oil rigs, tankers and storage depots. Often,
the potential claim for a business insurance may be so large that
it even takes several insurance companies to share the risk.
People and Businesses Need Insurance
Insurance is divided into two broad categories:
Life Insurance, which covers against financial losses due to premature
death, illnesses or premature disability. It can be designed to provide
retirement income or be used as a means of saving.
General Insurance covers all other areas of insurance to meet commercial
needs as well as personal needs like Motor Insurance, Personal Accident,
Houseowners Fire Insurance and others.
An insurance company may share the risk with other insurers and reinsurers.
This arrangement is called "reinsurance". Reinsurance is often an
international business because it involves greater risks and larger
operations.
Often these risks are complicated and an intermediary is needed to
bring together the insurer and the reinsurer. A Reinsurance Broker
is a professional intermediary who acts on behalf of an insurance
company to place reinsurance contracts with a reinsurance company
and also advises on suitable reinsurance arrangements for their clients.
Many skilled and Trained Personnel Are Needed
The continuing development of the insurance industry and the Government's
efforts to turn Singapore into an insurance/reinsurance centre have
led to a growing demand for insurance professionals. For more details,
see:
Make Your Career in this $7.1 Billion Industry
Submit your resume to InsuranceSupermarket.com.sg where insurance,
reinsurance and other insurance-related companies can know you better.
| 
