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Glossary
Market and regulation

Insurance broker

Independent mediator who advises the client, negotiates with the market on their behalf and assists them throughout the life of the contract, including the claim.

In practice

Does not maintain an exclusivity link with any insurer and is accountable for their advice to the client. It is the figure that allows market comparison and discussion of clauses instead of accepting the standard.

Related terms

Insurance agentMediator who distributes insurance on behalf of one or several insurers, with whom they maintain an agency contract.Objective analysisObligation of the broker to advise based on a sufficient number of market contracts and with professional, not commercial, criteria.International network of brokersAssociation of independent brokerages that provide mutual cover in countries where they do not have their own office.ActuaryProfessional who applies statistical and financial methods to the calculation of premiums, provisions and solvency of an insurer.Market capacityVolume of risk that the group of insurers and reinsurers is willing to assume in a branch and at a given time.CoinsuranceSharing of the same risk among several insurers, each with its own percentage and independent responsibility.
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