Insurance loss adjusters must leverage the competitive advantages presented by the African Continental Free Trade Area (AfCFTA) to expand their market reach and enhance service delivery, stakeholders have said.
Speaking at the Nigerian Insurance Industry Committee on AfCFTA workshop organized by the Institute of Loss Adjusters of Nigeria (ILAN) in Lagos, industry experts highlighted the vast opportunities for growth and collaboration.
Deputy Commissioner for Insurance, Finance, and Administration at the National Insurance Commission (NAICOM), Mr. Ekerete Ola Gam-Ikon, described AfCFTA as a game-changer for Nigeria's insurance sector, offering a platform for investment, innovation, and economic integration.
"With over 1.3 billion people in a unified market, insurance loss adjusters must be prepared to facilitate cross-border transactions and risk management," Gam-Ikon stated. "As trade increases, the demand for loss adjusting services will rise, making it essential for professionals to enhance their skills and collaborate with international players."
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Chairperson of the Nigerian Insurance Industry – AfCFTA Committee, Mrs. Ekeoma Ezeibe, emphasized the need for loss adjusters to equip themselves with the necessary expertise to thrive in an increasingly competitive market.
ILAN President, Pastor Oladipo Olanrewaju, underscored the vital role of loss adjusting in ensuring fair and efficient claims resolution. He urged industry players to embrace technological advancements, digital transformation, and data analytics to improve service efficiency.
"As the industry evolves, loss adjusters must uphold the highest ethical standards, invest in capacity building, and collaborate with underwriters and brokers to enhance public trust in insurance," Olanrewaju said.
He reaffirmed ILAN's commitment to advocating policies that support loss adjusters, ensuring they remain at the forefront of industry transformation in the AfCFTA era.
