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Who is an insurance broker and who is insurance agent?

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Question added by mukkur srinivasan varadhan , Chartered Accountant , Chartered Accountant in practice
Date Posted: 2014/01/13
Mamoun elbaghir abdalla mhamad Eltayeb
by Mamoun elbaghir abdalla mhamad Eltayeb , Insurance agent / Producer , Albaraka Insurance Company

Insurance broker is a meditator between the cedents or the direct insurance companies and reinsurers and in London reinsurance market  reinsurance placing for both facultative and treaties can't accepeted unless offerings and introduced through a registered broker.I

 

. Insurance agent that who repesent the direct insurance company and buy insurance on behalf  

Both of them are doing these jobs for payment of insurance brokerage and insurance commission paid by the insurers and insurance company respectively.

                 Thanking You.

 

 

Syed Kamaal Haider
by Syed Kamaal Haider , Senior Motor Claims Executive , “ORIENT” (Arab Orient Insurances Company P.J.S.C.- An Al Futtaim Group of Co.'s)

Insurance brokers are established as an independent bodies to procure insurance business from the market & to provide insurance services to their customers with the help of insurance companies, in consideration of this they are receiving commission from insurance companies.

On the other hand, insurance agents are insurance company's own employess who are insurance service advisers/providers to the customers on behalf on insurance companies.

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