ILAN to seek review of adjusters’ rate fixed 30 years ago

Diipo Olanrewaju

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Chuks Udo Okonta

At a time prices of goods and services have continued to soared due to economic challenges, Loss Adjusters in Nigeria have been held down to a rate fixed 30 years ago. To change the ugly situation, the newly elected President of Institute of Loss Adjusters of Nigeria (ILAN) Diipo Olanrewaju, has vowed to consult all necessary stakeholders’to improve on the rate.

Delivering his acceptance speech at the Institute’s annual general meeting in Lagos, he noted that the global economy has consistently affected the income of Loss Adjusters greatly, thus, the rate that was approved in October 1992, that is about 30 years ago, can no longer pay adjusters bills.

He maintained that it is highly necessary for the rate to be reviewed upward, if we do not want this arm of the industry to extinct, adding that the Institute shall achieve this with constant meetings with the Nigerian Insurers Association (NIA) Council.

Olanrewaju also pledged to sustain the legacies entrenched by his predecessors and introduce flesh ideas to take the institute to lofty heights.

He promised to weed out unregistered loss adjuster, who he said go by other names such as consultants and surveyors.

“They are not expected to adjust claims but they are engaged by underwriters. This administration will not hesitate to report such underwriters.

“We shall strive to eliminate the unregistered loss adjusters in the Industry,” he posited.

On making the institute chartered, he said efforts have been made in this direction by the past administrations to obtain the Institute Charter, adding that the process is long overdue, stating that his administration would continue to direct efforts towards the initiative.

He posited that the institute’s emblem depicts ‘’ justice and fairness’’, stressing that if they are to uphold the tenants of this emblem, then they must always strive for competence and integrity.

“The code of ethics jointly operated by all bodies should be our ‘bible”. We cannot jettison the tenant of competence and integrity in our progress to become a force in the insurance industry. Therefore, we should see ourselves as partners in progress bearing in mind that our collective aim is to serve the insurance industry better, from whom we do earn our living. If in our own little way, we pursue the progress and success of the insurance industry, our respective future as an Institute will also be assured,” he submitted.

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