Reinsurance

Entry requirements
What you might do
Training and professional qualifications
Rewards
Prospects
Useful links

Reinsurance companies are the industry's own insurers, enabling large and small companies to mitigate their own potential risk, either of a single massive claim or of a large volume of claims at the same time. Because of the scale of the risks insured, Reinsurance companies are frequently global businesses and will take a highly strategic, long-term interest in evolving trends and patterns. Aviation, marine and energy are key markets for reinsurance, owing to the scale of risk but reinsurers also provide cover to property and motor insurers and liability specialists.

Entry requirements

A good degree in any subject is acceptable for entry on most companies' schemes, though a background in accounting finance, economics, management, mathematics or business may give you an advantage. With reinsurance being such an international field language skills are also sought after although not essential.

Personality and communication skills are particularly important. You will need to build and maintain relationships with a wide variety of people, and be able to assimilate and communicate complex and technical information.

What you might do

Reinsurance is a broad field embracing many of the disciplines in the wider insurance industry - broking, underwriting, claims and actuarial for example - but it is distinguished by the sheer scale of the risks and the international nature of the companies in this area.

After general training you will enjoy opportunities to specialise in one aspect of reinsurance, such as broking, or to focus on an economic region or industry sector such as marine or aviation.

Training and professional qualifications

Reinsurance companies are typically large organisations and many offer structured graduate-entry programmes that provide you with broad experience of the business before you begin to specialise.

You are also likely to be encouraged to pursue CII qualifications and accreditation and in many cases Lloyd's qualifications as well. You are likely to be financially supported in these efforts and most companies will also allow you a generous amount of time for study.

Rewards

With strong competition in the market and very large companies dominating the field the rewards for careers in reinsurance can be high. Typical starting salaries for graduates are around £22,000 - £25,000. In addition, many companies will also recognise the acquisition of professional qualifications in your salary package. Progress from here will depend on the specialism you choose and salaries within reinsurance are broadly comparable to those awarded to specialist roles in the wider insurance field.

On top of your salary, you can also look forward to many of the benefits that usually so with working for a large, well-resourced company

Prospects

Ongoing career opportunities within this field reflect both the scale of reinsurance firms and the increasingly international scope of industry. With the larger and international firms you will quickly take on national and international responsibilities with the possibility of travel and international secondments and placements. You will also have the chance to develop close relationships with very substantial insurance clients and become their main point of contact, helping them to evolve their cover as their need and the pressures of the industry change.

Alternatively, you may choose to move into a management role - managing a regional or national team including underwriting, new business development, claims or technical broking, or sales management.