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Chuks Udo Okonta
The National Insurance Commission has said it is committed to empowering Nigerian Loss Adjusters during the African Continental Free Trade Area (AfCFTA) era.
The Deputy Commissioner for Insurance Finance and Administration, Ekerete Ola Gam-Ikon; said this today at the Nigerian Insurance Industry – African Continental Free Trade Area (NII-AfCFTA) Committee enlightenment workshop for Loss Adjusters in Lagos, noting that however, Adjusters must step up and enhance their services, professionalism and value proposition to remain competitive.
“We’ll provide support, but your proactive efforts will determine your relevance.
“For us 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 submitted.
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.
He noted that the event’s Theme: “Navigating New Horizons: Opportunities Unleashed by AfCFTA for Insurance Loss Adjusters” was apt and presents a forum to discuss the economic landscape of our continent, opportunities of a free trade area with attendant potentials for investment, expansion of our horizons, innovations and integration.
The DCFI F&A stressed that It is expected that the journey to a single, unified market of over 1.3 billion people will also require the preparedness of facilitators of business transactions, requiring that as they expand their services to other African countries, new opportunities are also created for Loss Adjusters.
“As trade increases, Loss Adjusters will play a crucial role in assessing and managing risks associated with cross-border trade, making their services more in-demand. 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.
“Ladies and gentlemen, 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,” he posited.
According to him, AfCFTA offers Nigeria and its insurance industry a game-changing opportunity for growth, prosperity, and market expansion, stressing that the workshop is a historic call to action, urging the industry to scale up, evolve and collaborate to seize competitive advantages and shape a brighter future.
The Chairperson Nigerian Insurance Industry – African Continental Free Trade Area Committee, Mrs. Ekeoma Ezeibe, implored loss adjusters to leverage all available resources to adequately prepare so as to fully harness the opportunities that would be provided by the continental agreement.
The President of Chartered Insurance Institute of Nigeria (CIIN) Mrs. Yetunde Ilori, appealed to elders in the loss adjusting profession to ensure knowledge transfer to the younger generation, stressing that the opening of the business space through AfCFTA, would engender tough competition, which only skilled personnel could survive.
