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WHO IS AN INSURANCE BROKER ?

Persons who, acting with complete freedom as to their choice of undertaking, bring together, with a view to the insurance or reinsurance of risks, persons seeking insurance or reinsurance and insurance and reinsurance undertakings, carry out work preparatory to the conclusion of contracts of insurance or reinsurance and, where appropriate, assist in the administration and performance of such contracts, in particular in the event of a claim.

DIFFERENCE BETWEEN A BROKER AND AN AGENT OF AN INSURANCE

Broker Agent
  • Professional Corporate entity.
  • Individual entity.
  • Represents all registered insurers.
  • Attached to a single insurer.
  • Represents client to the insurer.
  • Represents insurer to the client.
  • Actively governed by act of parliament.
  • Non formal regulation.
  • Professional and experts in the industry.
  • Marketing conduit to the insurer.