NASCO KARAOGLAN GROUP. THE ROLE OF THE INSURANCE & REINSURANCE BROKER IN THE MENA REGION By: DR KHALIL TALEB. CONTENTS. Introduction Configuration The Broker’s Role His Duties Diagnosis of Risk/Insurance Requirements Risk Analysis Risk Management
THE ROLE OF THE INSURANCE & REINSURANCE BROKER IN THE MENA REGION
By: DR KHALIL TALEB
Function is identical but its application varies
He works for the Client but is generally remunerated
By the Underwriters and/or Reinsurers
1- Client's need
2- Client’s requirements
3- The prevailing environment be it, Market, Political, Economic or Social Issues
4- The forces prevailing in the market
BUT HE IS NOT
Following risks analysis, a risk management would be needed. It is aimed at containing the risk of loss.
Risk Management comprises 3 phases :
It is the duty of the Brokers to ensure that all Companies with whom they place insurance are financially sound and factually satisfy the Broker’s responsibility to their Clients. An assessment of the underwriters should take into consideration the following criteria :
The Broker forms an integral part of the Insurance Industry and its promotion will do nothing but boost its development.