The Nigerian Council of Registered Insurance Brokers (NCRIB) has collaborated with the Strategy Institute of Canada to raise the knowledge power of its members.
During the 2013 international business visit to Toronto, Canada, the Council’s delegation, led by its President, Barrister Laide Osijo were taken through contemporary global dynamics in Captive and Corporate Insurance as well as oil and gas.
Speaking on the roles of captives and the place of insurance brokers within the arrangement, Mr William knocked the bottom off the notion that captives were to edge out insurance brokers, rather he opined that the practitioners were supposed to compliment the arrangement and in so doing ascribe to be ingenious in their delivery.
He said captives had become the norm in most corporate organizations in advanced countries of the world and that they were usually established as a cost saving institutions to increase corporate tax savings and provide high risk coverage.
In his address, the Managing Director of AON Morgan Insurance Managers, Mr Bill Morgan expressed delight at the presence of the NCRIB delegation at the Strategy Institute summit and noted that the experience that was gained by the delegates would translate into their robust professional practice and consequently improve the insurance industry’s contributions to the nation’s Gross Domesti c Product.
Delivering an address, President of the NCRIB Barrister Laide Osijo said the choice of Canada for this year’s visitation was based on the cardinal place occupied by the country in the oil and gas insurance as well as acknowledged profile in insurance development.
Osijo opined that although the insurance industry in Nigeria had not fully embraced insurance captives in view of certain noxious beliefs about its operation, the lectures delivered on the subject had given delegates a new ray of understanding which they would in turn impact on their members at home.
She stressed that the NCRIB had taken the professional empowerment of its members with utmost seriousness which informed the basis for the yearly international business trips organized in the past to countries such as United States of America, UK, United Arab Emirates, South Africa and Canada.
The delegates had an extensive networking sessions with insurance professionals from all over the world and also paid visits to interesting sites such as the Niagara Falls, among other places
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