DISCOVER YOUR OPTIONS

A career at sea or a shorebased role? Find out more about the various career options in Maritime Singapore here.

MARINE INSURANCE BROKER

WHAT IT IS

Marine insurance covers the loss and damage of ship cargoes, terminals, ships and their properties. Marine insurance brokers are the best possible guides to explain details involved in marine insurance policies and help their clients to come to the best possible decision. Their job scope includes the following:

  • Prepare underwriting reports, negotiate, and place risks to the insurance markets
  • Communicate with clients and insurers to address queries
  • Ensure the sustainability and growth of marine insurance accounts
  • Liaise with claims colleagues to manage claims lodged by clients
  • Build and maintain business relationships with clients and insurers
  • Ensure compliance with internal and external best practices, rules and regulations

There are generally 5 types of insurance cover:

  • Marine Hull Insurance
  • Marine Liability Insurance
  • Marine Cargo Insurance
  • Offshore/Energy
  • Protection & Indemnity

Generally, insurance brokers work directly with clients to help find policies that meet their needs, while insurance underwriters decide the specific terms and costs associated with those policies. Insurance brokers can represent one company exclusively or may serve as independent representatives of a wide range of companies, offering products and services to their clients. On the other hand, insurance underwriters work for an insurance company and make decisions regarding coverage amounts and premiums within predetermined company guidelines.

WHAT IS REQUIRED

  • A degree or diploma in any one of the following disciplines: Maritime Studies, Business, Economics, Insurance or Law
    • Strong analytical and numerical abilities
    • Ability to work under pressure and with tight deadlines
    • Outgoing personality
    • Good communication and negotiation skills
    • Proficiency in verbal and written English

CAREER PROSPECTS

FIND OUT MORE

Insurance Companies - Singapore Maritime Services Guide
Maritime and Port Authority of Singapore – Marine Insurance Services

OTHER RELATED LINKS

Video - Role of the Marine Insurance Broker
Shipping Analyst
Marine Insurance Claims Handler
Marine Insurance Underwriter
Maritime Lawyer
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About The MSC Office

The Maritime Singapore Connect (MSC) Office is a national initiative, supported by the Maritime and Port Authority of Singapore, to profile the maritime industry and connect students and jobseekers with the multiple pathways into the industry.

Brought to you by

Maritime Singapore Connect

An initiative of

Singapore Maritime Foundation

Supported by

MPA Singapore

Part of

Maritime Singapore
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