NAICOM Tasks Loss Adjusters To Upscale Knowledge, Skills To Explore AfCFTA Opportunities

The National Insurance Commission (NAICOM) has tasked members of the Institute of Loss Adjusters of Nigeria (ILAN) to brace up to upscaling their knowledge and skills in areas of comparative advantages in order to competitively explore the opportunities provided by the Africa Continental Free Trade Area ((AfCFTA)

NAICOM specifically noted that single, unified market of over 1.3 billion people would also require the preparedness of facilitators of business transactions to expand services to other African countries as new opportunities are also created for Loss Adjusters.

The Deputy Commissioner for Insurance, Finance and Administration, Mr. Ekerete Ola Gam-Ikon, gave the charge while speaking at the Nigerian Insurance Industry Committee on AfCFTA workshop in Lagos, Thursday. The theme of the workshop: “Navigating New Horizons: Opportunities Unleashed by AfCFTA for Insurance Loss Adjusters” provided the forum to discuss the economic landscape of our continent, opportunities of a free trade area with attendant potentials for investment, expansion of horizons, innovations and integration.

He observed that as trade increases, Loss Adjusters would play a crucial role in assessing and managing risks associated with cross-border trade, making their services more in-demand.

According to the NAICOM Commissioner, “We are therefore required to focus on enhancing our knowledge and skills in areas that gives us competitive advantages and leverage on exchange of skills with international players.

“The free movement of goods, services, and people could expand our nation’s operations across borders, increasing access to financial services and promoting economic development. Therefore, the enormity of the opportunities in galvanizing growth can only be imagined if we don’t actively participate as an industry.”

Mr. Ola Gam-Ikon pledge the support of the Commission towards empowering Nigerian Loss Adjusters in the AfCFTA era, stressing however that “Adjusters must step up and enhance their services, professionalism, and value proposition to remain competitive.”

He said: ” We’ll provide support, but your proactive efforts will
determine your relevance”, explaining that for the players to stimulate the potentials of AfCFTA in the insurance industry, all stakeholders must remain positive by translating the commitments into actionable outcomes at the national and regional levels.

He maintained that AfCFTA encourages collaboration among African insurance Companies, adding that through this partnerships, Nigerian Loss Adjusters can leverage shared resources, expertise, and technology to improve their service offerings and competitiveness.