AfCFTA will boost demand for loss adjusters – NAICOM

The National Insurance Commission has said the implementation of the African Continental Free Trade Area will significantly increase the demand for loss adjusters in Nigeria and across the continent.

Deputy Commissioner for Insurance, Finance and Administration, Mr Ekerete Ola Gam-Ikon, stated this in Lagos at a workshop organised by the Nigerian Insurance Industry Committee on AfCFTA in conjunction with the Institute of Loss Adjusters of Nigeria.

Loss adjusters are independent insurance professionals responsible for investigating, assessing, and negotiating claims on behalf of insurance companies. According to ILAN, they play a crucial role in ensuring fair settlements by evaluating the extent of damage or loss, verifying policy coverage, and preventing fraudulent claims. Industry experts say their expertise is particularly vital in cross-border trade, where risks such as cargo damage, logistics disruptions, and regulatory inconsistencies are prevalent.

Speaking at the event, which was part of ILAN’s maiden conference, Gam-Ikon described AfCFTA as a “game-changing opportunity” for Nigeria’s insurance sector, particularly for loss adjusters who will play a crucial role in managing cross-border risks.

“As trade increases across Africa, loss adjusters will be more in demand to assess and manage risks associated with cross-border transactions. This workshop is a call to action for industry players to scale up, evolve, and collaborate to remain competitive,” he said.

He noted that AfCFTA’s free movement of goods, services, and people would expand Nigerian businesses into new markets, increasing access to financial services and driving economic growth. However, he stressed the need for loss adjusters to enhance their skills and leverage partnerships with international firms to remain relevant.

“The National Insurance Commission is committed to supporting Nigerian loss adjusters in this new era. However, adjusters must also step up by improving their professionalism and value proposition. NAICOM will provide the necessary support, but your proactive efforts will determine your relevance,” Gam-Ikon said.

He urged industry stakeholders to translate AfCFTA’s commitments into actionable strategies, adding that collaboration among African insurance companies would be key to improving service offerings and competitiveness.

“As we navigate new horizons, I implore participants to engage actively in discussions, share insights, and explore ways to position Nigeria’s insurance sector for success under AfCFTA,” he added.

The workshop, themed ‘Navigating New Horizons: Opportunities Unleashed by AfCFTA for Insurance Loss Adjusters’, provided a platform for stakeholders to discuss the economic potential of a unified African market and how Nigerian insurance professionals can maximise the benefits.

The Nigerian Insurance Industry Committee on AfCFTA has been actively engaging various stakeholders in the insurance sector to ensure their readiness to take advantage of the trade agreement. Through workshops, the committee has worked closely with insurers, brokers, and loss adjusters to identify key opportunities and challenges presented by AfCFTA.

The AfCFTA is a trade agreement established to create a single market for goods and services across 54 African countries. With a market of over 1.3 billion people and a combined GDP of $3.4tn, AfCFTA is expected to enhance economic integration, stimulate industrialisation, and create new opportunities for businesses across the continent.