NAICOM urges ILAN to leverage AfCFTA’s opportunities

The National Insurance Commission (NAICOM) has tasked the Institute of Loss Adjusters of Nigeria (ILAN) to explore the opportunities provided by the Africa Continental Free Trade Area (AfCFTA). In a paper, titled: ‘Navigating New Horizons: Opportunities Unleashed by AfCFTA for Insurance Loss Adjusters’ delivered at the Nigerian Insurance Industry Committee on AfCFTA workshop in Lagos, the Deputy Commissioner for Insurance, Finance and Administration, Ekerete Ola Gam-Ikon, observed that as trade increases, loss adjusters would play a crucial role in assessing and managing risks associated with cross-border trade. He noted that a single, unified market of over 1.

3 billion people would also require the preparedness of facilitators of business transactions to expand services to other African countries as new opportunities are also created for loss adjusters. To him, the free movement of goods, services and people could expand the operations across borders, increasing access to financial services and promoting economic development. “Therefore, the enormity of the opportunities in galvanising growth can only be imagined if we don’t actively participate as an industry,” he stated.



Ola Gam-Ikon promised that the commission empowers Nigerian loss adjusters, stressing that “adjusters must step up and enhance services, professionalism and value proposition to remain competitive.”.