Loss adjusters tap insurance reform law for growth

As the newly enacted Insurance Industry Reform Act (NIIRA) 2025 takes root in Nigeria’s risk management sector, loss adjusters are finding fresh opportunities to expand their relevance and influence within the industry.

By leveraging key provisions of the law, these professionals, once regarded primarily as post-claim arbiters are now positioning themselves as vital partners in risk management, policy development, and claims resolution.

At its recent Annual General Meeting (AGM) in Lagos, the Institute of Loss Adjusters of Nigeria (ILAN) described NIIRA not only as a significant piece of legislation, but also as a game-changer for loss adjusters across all facets of their profession.

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Diipo Olarenwaju, outgoing ILAN President, who concluded his tenure at the AGM, highlighted that NIIRA 2025 now provides a five year validity period for the renewal of operating licenses for loss adjusters.

Speaking on the Institute’s engagement with the law, he noted:

“Your Council met to address pressing areas of concern affecting us as an Institute, such as the payment of professional fees earned by loss adjusters and the corresponding ISS levy. These concerns were formally communicated to NAICOM,” he said, expressing optimism that the Commission’s leadership will respond positively.

He advised members whose licenses are due for renewal to continue submitting applications under the existing process until formal guidance is received:

“I will therefore advise that those with renewals due should submit applications in line with the current process as previously done, until we receive appropriate feedback and are clear on the way forward.”

On the issue of the ongoing review of the adjusters’ scale of fees, Olarenwaju noted that discussions with underwriters are still in progress and expressed hope for a favourable outcome.

In his maiden address as the newly elected ILAN President, Ikechukwu Udobi pledged to elevate the profile and professionalism of loss adjusters through a strategic vision built around the acronym BIRDS, which symbolises a flight pattern, suggesting upward movement and visibility.

According to Udobi, the BIRDS agenda will shape his three-year tenure as follows: B standing for Better Infrastructure, which he said will focus on relocating the Loss Adjusters’ House to a more conducive environment.

I he noted stands for Internal Process Improvement: He said his administration will overhaul internal systems, particularly the subscription levy structure, to reflect more realistic pricing and ensure sustainability.

The other letter R, implies Roadmap Development: Laying out a 10-year succession plan, beginning with three years as a council member, followed by the vice presidency, and then transitioning into the presidency. This model, he explained, would ensure seamless and sustainable leadership.

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The D stands for Digital Revolution: Driving innovation and digital transformation in line with NIIRA’s emphasis on modernization and technology, while S is Status Upgrade: Pursuing chartered status for the Institute, enhancing member development programmes, and ensuring ILAN’s active involvement in broader industry activities.

Udobi affirmed that his administration will focus on positioning ILAN at the forefront of industry development and visibility, reflecting the evolving role of loss adjusters in Nigeria’s insurance ecosystem.