After over 33 years of working with agreed scale of fees, Loss Adjusters are content that decades of pressuring for a review is now forever behind them with a new negotiated and agreed scale of fees effective since January 1, 2026 ushering a new dawn. Besides, the Nigerian Insurers Association has made it good by directing its members to comply accordingly.
The President, Institute of Loss Adjusters of Nigeria, ILAN, Mr. Ikechukwu Udobi disclosed this yesterday at the Adjusters House Surulere, Lagos, and cleared, “As I speak NIA has issued directive to their on the new scale of fees we agreed finally with them,” what is left he voiced is signing of the agreement by both parties.
Udobi said the process which was spearheaded by his predecessor, Diipo Olarenwaju, has come to fruition, “and we are grateful to God and all parties that made it work. Our members are equally happy. He also acknowledged that the deal may not be “the totality of what we requested but it’s a good point that we arrived at. Its not eureka yet but we glad we have taken off. The interesting aspect of that agreement is that there is provision for review between three to five years if the indicators are right.
“One of the good things about the agreement is that we understand the fluctuating nature of the economy. We wont allow this agreement to linger for too long again. Before now the last scale of fees agreed was 1992. You could imagine the level of inflation that occurred. That erodes the value of earnings. But with this new review and a period of 3 – 5 years set, it gives both parties opportunities to see the economic performance. If the economy is performing well there may not be need because its not automatic.”
He however, paused to say that if within five years the fluctuation is high and value of earning eroded, then it will be obvious to everyone there would be a review.
Promising a better deal of professional upgrading, ILAN President said, “We on our part will equally match the improvement in terms of skill and expertise in adjusting. It will be more revenue to enable adjusters go for further training. It is a promise we are making to improve ourselves and provide better services.”
