The Institute of Loss Adjusters of Nigeria is taking bold steps to elevate Nigeria’s insurance sector by advocating for stronger international collaboration among loss adjusters. The institute believes that forging global alliances will significantly enhance professional expertise, drive innovation, and position Nigeria as a competitive force in the global insurance landscape.
Why Global Collaboration Matters
In today’s rapidly evolving insurance industry, knowledge is power. ILAN emphasizes that partnering with foreign counterparts will unlock access to cutting-edge technologies, modern claims investigation techniques, and globally accepted best practices in risk assessment.
According to the institute, such cross-border knowledge exchange will not only strengthen professional capacity but also build a more resilient loss adjusting sector capable of meeting the growing demands of Nigeria’s insurance market.
High-Level Engagement with NAICOM
This push for global integration was highlighted during a strategic visit by ILAN leadership, led by its President, Ikechukwu Udobi, to the Commissioner for Insurance, Olusegun Ayo Omosehin, at the National Insurance Commission.
The meeting focused on strengthening the industry through collaboration, regulation, and continuous professional development.
Call for Advanced Training and Capacity Building
ILAN also stressed the urgent need for enhanced training programs, particularly in specialized and high-risk sectors such as:
- Energy
- Oil & Gas
- Special risks
The institute noted that continuous capacity building is essential to align Nigerian loss adjusters with international standards and improve service delivery across the industry.
A Milestone Achievement: Revised Scale of Fees
During the engagement, Udobi expressed appreciation to NAICOM for revising the Loss Adjusters’ Scale of Fees—an achievement he described as a long-overdue milestone after years of stagnation.
This development is expected to revitalize the profession and create a more sustainable framework for practitioners.
Emphasis on Compliance and Professional Ethics
ILAN is also pushing for stricter compliance with industry regulations. Udobi urged NAICOM to ensure that all operators adhere to statutory guidelines, reinforcing professionalism across the board.
In response, Omosehin reaffirmed NAICOM’s commitment to transforming the insurance industry. He highlighted the critical role of loss adjusters as the link between policyholders and insurers, emphasizing that ethical conduct and professionalism are non-negotiable.
He further stressed the importance of adhering to the Code of Conduct and Professional Ethics to enhance credibility and trust within the profession.
The Bigger Picture
As Nigeria’s insurance sector continues to evolve, ILAN’s push for global collaboration, improved training, and stricter compliance could mark a turning point for the industry. By embracing international standards and fostering knowledge exchange, Nigeria is positioning itself for sustainable growth and global relevance in loss adjusting.
