NASCO KARAOGLAN GROUP

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NASCO KARAOGLAN GROUP THE ROLE OF THE INSURANCE & REINSURANCE BROKER IN THE MENA REGION By: DR KHALIL TALEB

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CONTENTS Introduction Configuration The Broker's Role His Duties Diagnosis of Risk/Insurance Requirements Risk Analysis Risk Management Services to the Client Security Issues Benefits of Appointing a Broker Conclusion

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CONFIGURATION BROKER DIRECT INSURED DIRECT BROKER/CONSULTANT REINSURED/INSURER REINSURANCE BROKER Person Property Liability Insurance Company Reinsurance Company Broking Firm Function is indistinguishable however its application changes He works for the Client yet is for the most part compensated By the Underwriters and additionally Reinsurers

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THE BROKER'S ROLE HE IS To be versed actually To be a Mediator To be a Moderator To be a Catalyst To be Assessor of Information To Filter the data To be a Translator of culture To know about : 1-Client's need 2-Client's prerequisites 3-The overall environment be it, Market, Political, Economic or Social Issues 4-The powers winning in the market BUT HE IS NOT A basic go-between A mail station A Silent Partner

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HIS DUTIES Ensuring that all data about the hazard got are very much displayed to the Underwriters/Reinsurers Concerned Ensuring that the Client unveil every single material certainty in suitable shape to the Underwriters Possessing an adaptability to adjust to his Client's needs & necessities in a specific geological zone Possessing the capacity to convey a Tailor made item (benefit) Having worldwide associations with take after on Client's topographical development Ensuring a cozy association with guarantors Containing the accuse

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DIAGNOSIS OF RISK/INSURANCE REQUIREMENTS Assessing the insurable premium (be it Property, Person or Liability, for example, "the property throughout development" for C.A.R or "The Ship" for a Hull Policy and apportionment to the Owner of such property Assessing the hazard to be safeguarded and giving the right conditions to be given to the hazard (Property to be guaranteed/concerned). For instance, Institute Yacht Clauses not proper for a maritime vessel or Institute Time Clauses not appropriate for delight watercraft and so forth. Guaranteeing the right inclusions given in the wake of giving over of a venture, for example, decennial obligation in a C.A.R strategy &/or such assurance as business interference taking after a conveyance of a vessel or something like that… Providing subsidiary inclusions that should be looked upon, for example, laborers remuneration, group individual mischance, and so on…

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DIAGNOSIS OF RISK/INSURANCE REQUIREMENTS Designing Treaty Reinsurance Program as per every Country's particular need and nearby controls. Common Perils/Earthquake/Flood Exposure Unlimited Motor Liabilities Medical/Labor Law

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RISK ANALYSIS THE BROKER Should have the specialized capacity and learning of the hazard to educate the Client concerning the conceivable/likely harm as to number and size of claim(s) keeping in mind the end goal to work out the level of self-protection (through deductible bearing or something else) with a view to minimizing the cost of protection. Ought to have the specialized capacity and learning to decide the most fitting technique for hazard financing and to help the Client to survey the ideal of hazard presumption and hazard exchange. Ought to be able to talk about specialized matters with hazard chiefs &/or surveyors &/or chance assessors keeping in mind the end goal to give the Client the suitable specialized advices with a view to bettering the hazard and permitting a saving money on the cost of protection. Ought to be able to help the insurance agencies to plan their Treaty Reinsurance programs in deciding the hazard profiles/measurements/the maximum total introduction

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RISK MANAGEMENT Following dangers investigation, a hazard administration would be required. It is gone for containing the danger of misfortune. Chance Management contains 3 stages : Identifying the dangers which are probably going to influence a property, for example, normal perils, terrible administration or carelessness Assessing the hazard, for example, assessment and evaluation of the conceivable measure of a claim (both seriousness and recurrence) and the probability of a specific incident. Controlling the hazard, with regards to the degree of, measures or precautionary measures taken to dispose of (misfortune anticipation) or minimizing the general cost of a claim.

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SERVICES TO THE CLIENT Negotiating aggressive/sensible estimating Ensuring rivalry among the different guarantors in the market Providing broadest scope accessible which suits the Client's protection needs Insuring great association with protection markets Assessing precise spending determining Screening money related limit of protection markets Ensuring quick misfortune recuperations Assuring business sector insight Forecasting natural changes Developing wordings proper to Client's needs Being proactive in cases taking care of

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SECURITY ISSUES It is the obligation of the Brokers to guarantee that all Companies with whom they put protection are monetarily solid and truthfully fulfill the Broker's duty to their Clients. An appraisal of the guarantors ought to mull over the accompanying criteria : Financial Aspects Domiciliation Ultimate Ownership Reinsurance Protections Management Whether Long Tail and Us Business are vigorously composed Government supervision & controls Currency Regulation Past Performance

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BENEFITS OF APPOINTING A BROKER 1-FINANCIAL Independent counsel without additional cost Reduction in premium through rivalry Reduction in managerial costs Bargaining Power Choice in Insurance and Reinsurance Securities Management of premium installments/claims gathering Analysis of extent of scope at no additional cost Provision of bundling arrangements Free legitimate exhortation where required

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BENEFITS OF APPOINTING A BROKER 2. OPERATIONAL Quality presentation of data to financiers (slip) Flexibility in the decision of Insurance/Reinsurance terms Experience in noting inquiries to guarantors without pestering the Client, at whatever point conceivable Technical support to neighborhood back up plans Continuity with the International Markets Expert guidance on the ramifications of authoritative needs, lawful matters and related protection necessities

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BENEFITS OF APPOINTING A BROKER 3. CLAIMS Recommendations of misfortune Adjusters as indicated by the idiosyncrasy of the claim and domain Expert arrangements with the gatherings worried in light of a legitimate concern for all Control of accumulation from the Reinsurers/Insurers with least postpones Control of money vacillation in cases settlement

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CONCLUSION The Broker structures an essential part of the Insurance Industry and its advancement will do only support its improvement.

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