Brokers, foreign firms fraternise on role of captives

Nigerian Council of Registered Insurance Brokers (NCRIB) members during recent visit to the Strategy Institute of Canada gained valid insight into the dynamics of global market, role of captives and insurance in oil and gas business.

During the 2013 international business visit to Toronto, Canada, the Council’s delegation, led by Laide Osijo, its president, were taken through contemporary global dynamics in Captive and Corporate Insurance as well as oil and gas.

William Chan, senior president, Alternative Risk Solutions Practice, Willis, Canada speaking on the roles of captives and the place of insurance brokers within the arrangement, 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 organisations 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.

Bill Morgan, managing director, AON Morgan Insurance Managers 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 Domestic Product.