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Chuks Udo Okonta
The Nigerian Insurers Association (NIA) has said the committee set up to review and determine new fees for Loss Adjusters would be through with its responsibilities by the month of May 2025, paving the way for a new fee.
The Chairman of NIA Kunle Ahmed, disclosed this recently at a media briefing in Lagos, stating the fees review will be put to rest by the month of May.
According to him, the committee is working assiduously to produce a workable fee.
The NIA accepted to negotiate the new fees more than three decades since the subsisting agreement was signed by NIA and the Institute of Loss Adjusters of Nigeria ILAN.
NIA readiness to discuss new fees with Loss Adjusters was disclosed to adjusters at the maiden open confab organised by ILAN in Lagos.
Part of the communique issued at the conference was the scaling of fees. It was agreed that there should be an urgent review of the loss adjusters’ scale of fees, ensuring they are commensurate with service demands.
“The introduction of an advance payment system for loss adjusters’ fees was recommended to enhance efficiency and service delivery.”
“Engagement with the Nigerian Insurers Association (NIA) to review the scale of fees for loss adjusters is the way out, noting that development of a market conduct agreement detailing fee payment structures, including advance payments,” the communique reads.
