The Institute of Loss Adjusters of Nigeria (ILAN) is driving a series of reforms aimed at strengthening public confidence in the country’s insurance sector, modernising professional standards, and enhancing regulatory compliance.
The reforms, led by Ikechukwu Udobi, ILAN president, are designed to reposition loss adjusters as central players in Nigeria’s insurance value chain while addressing long-standing concerns about transparency and efficiency in claims management.
At his investiture as the 14th president of the institute, Udobi outlined a comprehensive plan focused on professional standardisation, digital transformation, regulatory advocacy, capacity building, and enhanced stakeholder engagement. The blueprint aims not only to reposition loss adjusters as central players in Nigeria’s insurance ecosystem but also to restore public confidence, drive industry growth, and align the institute with global best practices.
Loss adjusters, often seen primarily as financial assessors tasked with quantifying claims, play a far broader role in the insurance ecosystem. Beyond evaluating damages, they guide policyholders through some of the most challenging periods of their lives, offering reassurance, practical solutions, and objective assessments. Their position at the intersection of risk and compensation makes them critical guardians of fairness within the insurance framework.
Ebelechukwu Nwachukwu, managing director and chief executive officer of Rex Insurance Limited, emphasised the critical role of trust in the insurance sector during her address at the investiture. She noted that insurance, at its core, is a promise: when uncertainties arise, policyholders expect support; when loss occurs, fairness must prevail. “Leadership in this profession is not about titles. It is stewardship, responsibility, and a deep commitment to advancing the integrity of the profession in Nigeria,” she said.
According to Nwachukwu, trust is the “true currency” of the insurance industry. Without it, she warned, the risk management framework underpinning Nigeria’s economy could falter. “Without trust, insurance becomes mere paperwork. Without trust, policies become meaningless documents,” she added. This concern is particularly pressing in a market where insurance penetration remains low, estimated at just 0.5 percent of Nigeria’s GDP. Public perceptions of slow claims processing, opaque operations, and weak regulatory enforcement have historically undermined confidence.
Highlighting the role of loss adjusters, Nwachukwu described them as operating at one of the most sensitive points of the insurance system. Their responsibilities extend beyond post-loss assessments to include pre-loss surveys that help insurers and policyholders understand risks and implement robust risk management practices. “When losses occur, loss adjusters ensure that claims are processed objectively, professionally, and in line with policy terms. In many ways, they serve as guardians of fairness within the insurance landscape,” she said.
She also underscored the importance of professional bodies like ILAN in promoting competence, ethics, discipline, and continuous learning, which collectively sustain confidence in the sector. As Nigeria’s insurance industry adapts to rapid technological change and rising customer expectations, she called for stronger collaboration across all stakeholders. “Insurers cannot operate in isolation. Loss adjusters cannot operate in isolation. Brokers and regulators must work together toward a shared objective: building an insurance industry that Nigerians trust,” Nwachukwu said.
Patrick Arah, chairman of the investiture ceremony, reinforced the urgency of modernising the profession. He noted that digital transformation is reshaping industries, new risks including climate-related incidents;are emerging, regulatory expectations are evolving, and stakeholders demand greater accountability. Arah advised Udobi to strengthen governance structures and internal accountability, stressing that strong institutions are built on systems, discipline, and continuity, not personalities.
Arah also urged him to promote transparency, invest in continuous professional education, encourage mentorship, and deepen collaboration with regulators and allied professional bodies.
In a complementary development, ILAN has called for stricter market compliance and enhanced professional development across the insurance industry following a courtesy visit to the National Insurance Commission (NAICOM). The delegation, led by Udobi, met with Olusegun Ayo Omosehin, Commissioner for Insurance, to discuss critical issues affecting both loss adjusters and the broader market.
During the visit, Udobi emphasised the need for continuous training, particularly in specialised areas such as energy, oil and gas, and special risks, arguing that strengthening technical expertise in these sectors is crucial for positioning Nigerian loss adjusters on par with global peers. He also advocated for closer collaboration between local and international loss adjusters to facilitate knowledge transfer and accelerate industry development.
On regulatory matters, Udobi called for stricter enforcement of existing laws and guidelines, urging NAICOM to ensure full compliance among operators. He also appealed for support in securing a befitting national secretariat for ILAN to enhance administrative efficiency. The president expressed appreciation for the recent revision of the Loss Adjusters’ Scale of Fees, describing it as a landmark achievement that signals renewed momentum for a profession that has experienced decades of stagnation.
In response, Commissioner Omosehin commended ILAN for its proactive engagement and reaffirmed NAICOM’s commitment to supporting all segments of the insurance industry as part of its ongoing reform and transformation agenda. He highlighted the importance of professionalism and ethical conduct in loss adjusting, noting that practitioners serve as a critical link between policyholders and insurers, particularly in claims resolution. Both parties agreed that strict adherence to the Code of Conduct and Professional Ethics for Loss Adjusters is essential for strengthening credibility, trust, and service delivery within the profession.
