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Archived stories from 2010

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Reinsurance doesn't need bankers says Institute

The Global Institute of Reinsurance Thoughtleaders has warned that an influx of investment bankers is threatening the sector?s reputation as the second or indeed third choice of those wishing to work in the finance sector.

The Institute says that the global banking crisis, and the issue of bonuses, has altered the perception of the public and the media. ?Bankers are now highly despised individuals, unable to walk the streets, and given to lying about their chosen profession, often referring to themselves as estate agents or tabloid journalists in order to avoid the vitriol,? said GIRT chairman Percival Serpluss.

According to Serpluss, this has meant that more and more bankers are looking to switch to reinsurance as a career choice. ?In the past, reinsurance was at least third choice behind banking (boring but lucrative) and accountancy (lucrative but boring). Now, reinsurance (boring but underpaid) is becoming the first choice of people who don?t want to be social pariahs and outcasts in society,? said Serpluss. ?This goes against the natural order of things and we were happy with the status quo. Who knows what will happen to the reinsurance business if it starts being run by ruthless, avaricious albeit bright, dynamic, forward-thinking people??

He added, ?Reinsurers are much loved and valued by the general public. These bankers should take advantage of their experience of being unloved and socially excluded. They should retrain as a professional where this has always been the norm. There?s always a shortage of reinsurance lawyers.?

Other news from May 2010
Travelating the Wave of Insurability
the serious stuff
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