MARINE INSURANCE CLAIMS HANDLER

“Manages claims arising from losses and damages”

WHAT IT IS

Marine insurance covers the loss and damage of ship cargoes, terminals, ships and their properties. A marine insurance claims executive strives to provide equitable solutions to claims to clients. Their job scope includes the following:

  • Receiving, recording and processing all incoming insurance claims
  • Interpreting policies and determining the coverage of claims made on marine insurance policies
  • Liaising with P&I Clubs, shipowners or surveyors on all claims related matters
  • Recommending claim adjustors on settlement of claims under the marine insurance policy
  • Maintaining current knowledge of insurance guidelines and policy changes and modifications
  • Providing information and feedback on claims activity and developing trends to underwriters/risk assessors to enable appropriate actions to be carried out

The 5 main types of insurance covers are:

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

Entry level marine insurance claims handlers earn a monthly salary of about $2,200 for diploma holders and $2,500 to $3,300 per month for university graduates, not inclusive of competitive bonuses depending on performance.

*Salary data based on industry surveys conducted by Maritime and Port Authority of Singapore (MPA) for reference only. Actual salaries may differ due to market conditions and company/organisation policies.

WHAT IS REQUIRED

  • A degree or diploma in any one of the following disciplines: Business, Economics, Insurance or Law
  • Strong analytical and numerical abilities
  • Ability to work under pressure and with tight deadlines
  • Strong customer service orientation
  • 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

Video – Role of the Marine Insurance Broker
Marine Insurance Underwriter
Maritime Lawyer
Other Featured Careers