ILAN celebrates January 1, 2026 takeoff date for implementation of loss adjusters’ fees
Kindly leave a comment and share
Chuks Udo Okonta
The Institute of Loss Adjusters of Nigeria (ILAN) has expressed its gratitude to the National Insurance Commission (NAICOM) and Nigerian Insurers Association (NIA) for the implementation of the recently agreed fees for loss adjusting operations, which commenced on January 1, 2026.
The President of ILAN Ikechukwu Udobi, who expressed the appreciation on behalf of the institute during a media conference today in Lagos, noted that the implementation of the agreed fees has brought great respite to loss adjusting business and addressed the 34-year concern of loss adjusters.
He submitted that the Nigerian Insurers Association has sent letters to its members for full implementation of the new fees, stating that the new fee agreement provided for a three to five years review period.
Speaking on how the Nigerian Insurance Industry Reform Act (NIIRA) 2025 is impacting loss adjusting business, he noted that with the implementation of NIIRA 2025, there has been a tremendous improvement on prompt payment of loss adjusters fees by insurance companies.
He commended the management of NAICOM for ensuring that the lrules provided in the NIIRA are strictly implemented. He also commended the NIA for ensuring that loss adjusters are remunerated for their services.
Udobi, maintained that the institute has set in motion plans to develop a 10-year road map that would help sustain the transformative initiatives adopted by the institute.
On what the ongoing insurance companies recapitalisation holds for the loss adjusters, he said the recapitalisation is a welcome development as it would help reposition underwriting business and help insurers providing covers for large ticket risks. He maintained that the underwriting of huge risks would also bring about high profile claims, which would require the services of loss adjusters.
He posited that the emerging businesses post recapitalisation demand that loss adjust should up-skill so that they can meet the expectations of insurers and policyholders.
The ILAN Boss, whose investiture is coming up in March 2026, said the institute has lined up series of trainings which would help position loss adjuster for the tasks post recapitalisation.
