AfCFTA: NAICOM urges loss adjusters to develop cross-border expertise

Mr Ekerete Gam-Ikon, Deputy Commissioner for Insurance, Finance and Administration, NAICOM, made the call during the Nigerian Insurance Industry Committee AfCFTA Workshop, held on Thursday in Lagos.

The theme of the workshop was “Navigating New Horizons: Opportunities Unleashed by AfCFTA for Insurance Loss Adjusters”.

Gam-Ikon said that as trade increases under the AfCFTA, loss adjusters would play a crucial role in assessing and managing risks associated with cross-border trade, making their services more in demand.

He said that to remain competitive, loss adjusters needed to focus on enhancing their knowledge and skills in areas that provide them with competitive advantages, as well as leveraging skill exchanges with international players.

“The African Continental Free Trade Area (AfCFTA) offers Nigeria and its insurance industry a game-changing opportunity for growth, prosperity and market expansion.

“This 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.

“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.

“This necessitates that as we expand our 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 skill exchanges with international players,” he said.

The deputy commissioner said that the free movement of goods, services and people could expand Nigerian operations across borders, increasing access to financial services and promoting economic development.

“The enormity of the opportunities in galvanising growth can only be imagined if we don’t actively participate as an industry.

“The National Insurance Commission is committed to empowering Nigerian loss adjusters in the AfCFTA era.

“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,” he said.

Gam-Ikon urged practitioners in the insurance industry to remain proactive by translating their commitments into actionable outcomes at the national and regional levels.

He said that this would go a long way in stimulating the potential of AfCFTA in the insurance industry.

He noted that AfCFTA would encourage collaboration among African insurance companies.

He appreciated the Nigerian Insurance Industry AfCFTA Committee and the Institute of Loss Adjusters of Nigeria (ILAN) for organising the workshop.

“Through these partnerships, Nigerian loss adjusters can leverage shared resources, expertise and technology to improve their service offerings and competitiveness,” he said. NAN