OPPORTUNITIES IN INSURANCE Spoiled for choice
Bermuda’s insurance industry offers a wide range of professional opportunities to young people. Fast Track spoke to Leila Madeiros, senior vice president and corporate secretary of the Association of Bermuda Insurers and Reinsurers, who has worked in the industry for more than 25 years.
Who and what is ABIR?
ABIR is a professional trade association representing 22 Class 4 Bermuda insurance and reinsurance companies (Class 4 companies are required to meet the most stringent regulatory requirements). ABIR’s mission is to represent the public policy interests of Bermuda’s Class 4 insurers and reinsurers around the world, giving special priority to regulatory action in Bermuda, Europe, the United States and in international regulatory forums; and to promote Bermuda’s Class 4 reinsurers as the best in the business.
How many people do the ABIR member companies employ?
Our members with headquarters in Bermuda have operating subsidiaries in the US and Europe, and these carriers derive business income from nearly 150 countries around the world. In 2009, the ABIR membership had 1,800 employees in Bermuda, of which two- thirds were Bermudian citizens or married to Bermudian citizens, or had permanent residency certificates. Despite a slight decline in the overall number of ABIR employees in Bermuda, the percentage of Bermudian employees has increased.
What kinds of jobs are there in your industry?
There is a wide array of career choices represented in the insurance industry, including the study of the sciences such as catastrophe modelling (predicting the likelihood of weather-related and natural disasters, and their severity) and meteorology, and more conventional careers involving information technology, accounting, claims, legal, financial management, human resources, marketing and communications, and of course, underwriting, which is at the core of the products that insurance andw reinsurance companies sell. Most careers in insurance require at least an undergraduate degree from an accredited college or university, and preferably from a well-recognised institution. In addition, Bermuda is fortunate to have the Bermuda Insurance Institute (BII), which offers professional qualifications such as the Chartered Property Casualty Underwriter (CPCU), and other insurance and reinsurance-related designations.
Most of our companies offer summer employment for college students, where they can gain some work experience or an opportunity to learn more about what our industry is about. There are some companies that offer formal internship programmes, both here in Bermuda and at their offices overseas. College graduates who successfully apply for these internships spend time in the company’s various departments, gaining insight into the workings of a global company and hands-on experience in a particular discipline, such as underwriting or actuarial science. A solid education and work experience can help prepare future employees for the demanding
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standard that our industry requires in order to meet the needs of its customers—the policyholders.
How do your members get involved in education and scholarships?
Many ABIR companies either offer scholarships directly or financially contribute to support the scholarships awarded annually by the Bermuda Foundation for Insurance Studies (BFIS). Each year, qualified students are invited to apply for these scholarships, some of which cover not only full tuition, but living expenses and air travel between Bermuda and university. In addition, some scholarships include a summer employment opportunity. The BFIS is also the ‘hub’ in providing scholarship advice and co-ordinating internships both here in Bermuda and overseas for those wishing to pursue a career in the insurance and reinsurance industry.
Does ABIR reach out to students in any other ways?
We recognise that it is extremely important for students to engage and network with those in our industry, and ABIR member companies’ employees participate in the annual Career Fair at the ABIR booth, providing guidance and advice, answering questions about recommended courses of study and sharing their work experiences. ABIR has also hosted an interactive local radio programme showcasing Bermuda’s best and brightest in our industry, allowing them to share tips and experiences, and giving the audience an opportunity to ask them questions. When called upon, ABIR companies participate in other locally related career activities.
What is one important thing you would share with those interested in a career in your industry?
One thing? A quality education and dedication to hard work (okay, that’s two) will serve you well. Our industry is a dynamic one, and with financial and environmental changes on the horizon that will shape the future of our industry, we will continue to face challenges to meet our customers’ needs. In order to meet those challenges, companies will need employees who are prepared to do their best.
Leila Madeiros is senior vice president and corporate secretary of the Association of Bermuda Insurers and Reinsurers. She can be contacted at:
leila.madeiros@
abir.bm
WWW.FASTTRACKBERMUDA.COM
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