Loss Adjusters decry non payment of outstanding fees by insurers

Members joining the President Institute of Loss Adjusters of Nigeria, Oladiipo Olanrewaju in cutting his birthday cake at the event.

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Chuks Udo Okonta

At a time the Institute of Loss Adjusters of Nigeria (ILAN) is engaging the Nigerian Insurers Association (NIA) on upward review of 30 years old adjuster’s fee, members have also cried out over delay in settlement of fees which has led to huge outstanding payments.

The Loss Adjusters expressed their misgivings at the 41st Annual General Meeting (AGM) of the Institute which held today in Lagos.

They expressed worries that even at a time they are calling for a review of the 30 years old fee paid by insurers, many insurance companies still fail to pay them for the works they are engaged to execute.

They appealed to the defaulting underwriters to comply with the circular and mandate stated in the revised insurance industry guidelines issued by the National Insurance Commission (NAICOM), so as to save the loss adjusting business from extinction.

The President of ILAN Oladiipo Olanrewaju, while addressing members of the Institute on what his administration is doing to ensure upward review of the fee, said there is no gainsaying the fact that the global economy has consistently affected the income of Loss Adjusters, adding that members desire to have the 30 years old adjuster scale of fee reviewed upwardly.

He submitted that to achieve the review, the institute set up an ad-hoc committee headed by a member and former President, Chartered Insurance Institute of Nigeria (CIIN) Bola Temowo, to facilitate necessary contacts and discussions of the scale with NIA, stressing that this was however preceded by the Council and Committee meeting with NIA Chairman and his Council on August 31, 2023. “We were well received at the meeting and the NIA Chairman, the DG and all the council members present responded well and assured us that the matter will receive further consideration from them. A follow up letter has been sent to NIA and we are expecting that very soon we will hear from them,” he added.

The President appealed for support from all stakeholders, while highlighting the rate at which corporate members of the institute are shutting their businesses down. “It is disturbing and we need to begin addressing the situation as it is in return an obstacle to the growth of the Institute,” he said.

He noted that unfortunately, the death of some of the CEOs is perhaps the number one reason for the extinction of some of the institute’s corporate members.

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