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A Career as a Reinsurance Broker

Reinsurance brokers are insurance intermediaries and consultants for their clients who could be insurance companies, reinsurance companies or insurance brokers. Reinsurance brokers help their clients in solving reinsurance needs for support capacity and protection of their balance sheet. The process of providing reinsurance solutions involves a wide range of activities from analysis of client's insurance portfolios to seeking our reinsurance markets which are able to provide capacity or protection at sound and competitive terms.

Reinsurance broking operations usually involves business development and support services. Business development involves producing brokers and servicing brokers who will be involved in the production, placement and servicing of business. Support services will entail personnel who can provide technical accounting, reinsurance contract vetting and financial accounting aspects.

Generally, the scope of services provided by reinsurance brokers calls for a wide range of skills and disciplines. It is envisaged that general qualifications and interest suitable for reinsurance broking would related to Law, Accounting, Finance, Economics, and above all, Insurance Studies and Business Administration.

Besides requisite individual qualifies compatible with a job that involves transactions with overseas markets; long hours; peak periods in December; extensive travel; detailed work and negotiating skills, the prospective broker must have a passion for work within an entrepreneurial environment.

Reinsurance broking is a rewarding career. Generally, salaries for brokers start at $1,600 a month. Salaries for support staff, who are generally expected to be experienced, could be in the region of $2,000 per month.

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