‘Loss Adjusters Must Enhance Professionalism For Competitiveness Under AfCFTA’

The National Insurance Commission (NAICOM) has charged loss adjusters to enhance professionalism and value proposition to remain competitive under the African Continental Free Trade Area (AfCFTA).

The deputy commissioner for Insurance, Finance and Administration, Ekerete Ola Gam-Ikone, while speaking at the Nigerian Insurance Industry – African Continental Free Trade Area (NII-AfCFTA) Committee enlightenment workshop for Loss Adjusters in Lagos, at the weekend, stressed that, “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.”

AfCFTA, he said, encourages collaboration among African insurance companies , stating that, through these partnerships, Nigerian Loss Adjusters can leverage shared resources, expertise, and technology to improve their service offerings and competitiveness.

Speaking on the event’s Theme: ‘Navigating New Horizons: Opportunities Unleashed by AfCFTA for Insurance Loss Adjusters,’ he disclosed that, it was apt and presents a forum to discuss the economic landscape of the continent, opportunities of a free trade area with attendant potentials for investment, expansion of its 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 give us competitive advantages and leverage on exchange of skills with international players,” he noted .

On her part, the chairperson, Nigerian Insurance Industry – African Continental Free Trade Area Committee, 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.
Similarly, the president of Chartered Insurance Institute of Nigeria (CIIN), Yetunde Ilori, appealed to elders in the loss adjusting profession to ensure knowledge transfer to the younger generation, adding that, the opening of the business space through AfCFTA, would engender tough competition, which only skilled personnel could survive.

Earlier, the director, Trade in Services, Investment, IPR and Digital Trade, AfCFTA, Emily Mburu-Ndoria assured there will be uniform regulation through the framework on national treatment for the financial service sector as there will be prudential requirements for the insurance industry on the continent.

She urged loss adjusters to take advantage of this initiative to widen their scope and reach.