Summary
Wataniya Insurance is hiring a Reinsurance Officer in Jeddah. The role supports treaty and facultative reinsurance arrangements, including placing risks, preparing contract and closing documents, and coordinating with reinsurers, brokers, claims, underwriting, and finance teams. Duties include monitoring claims and recoveries, reviewing premium and claims settlements, and preparing regular reports. Applicants should have a bachelor’s degree in a related field and 1–3 years of relevant experience; IFCE certification is preferred.
The posting
As published on wataniya.com.sa. Pulled from the employer's site and shown as they wrote it.
Reinsurance officer coordinates with reinsurance companies in order to avoid having Wataniya pay large claims and assist in looking after the various reinsurance arrangements including treaty and facultative reinsurance protection for all classes of business written by Wataniya.
Job Responsibilities
- Ensure timely submission of closing and accounting documents as well as for settlement of premium recovery of claims from reinsurers
- Ensure accuracy of reinsurance contract with reference to original terms at which reinsurance is accepted.
- Obtain all necessary underwriting information required to place the risk in the international /regional/local reinsurance market.
- Prepare reinsurance underwriting and claims statistics on a regular basis and update the same at periodic intervals as per requirement.
- Monitor claims when raised by system and Prepare and check all documents before settlements of Claim.
- Liaise with claims department and branches for any documents or information required by reinsurers, and with reinsurers worldwide to ensure efficient servicing.
- Coordinate with Claims Department to advise “Large Loss” & Motor Excess of Loss Claims, and with reinsurance brokers for the placement of every declaration to the appropriate reinsurance arrangement.
- Controls and issues facultative closings, binders, quotations, cover notes, endorsements and renewals.
Job Duties
Ensure prompt claims recovery
Maintain efficient communication lines between Wataniya and brokers
Cooperate closely with accounting.
Maintain a business relationship with the Company’s underwriting, and finance department, local, regional and international reinsurance market.
Assist in the administration of the reinsurance program
Review reinsurance payments/recoveries relating reinsurance premium, commissioning and claims
Report and handle all claims notifications and report to Reinsurers.
Arrange proper reinsurance protection as and when required.
Place reinsurance directly to the market or through the broker whether on facultative or any other basis depending on the need of the situation.
Prepare monthly reports and perform any other duties requested by line managers.
Dispatch premium closings to Wataniya's reinsurers along with copy of policy/endorsement.
Requirements
Educational Background and Certifications:
Bachelor’s degree in Statistic, Business Administration, Economics, Commerce, Insurance, or Banking
- IFCE Certification (Preferable)
Experience:
Relevant years of experience in the field of Statistic, Business Administration, Economics, Commerce, Insurance, Banking, ranged between 1 years and 3 years