Members of the Institute of Loss Adjusters of Nigeria that had been signed by now moribund insurance companies who failed the recapitalisation process are licking their wounds following the decision of the six affected insurance companies to challenge their licence withdrawal and liquidation in court, a process that even the regulator dreads because the long court process involved.
Those affected loss adjusting firms who have been assigned to adjust losses by the principals who now by virtue of failed recapitalisation are no longer underwriting risks, took their fate to the meeting of the 44th annual general meeting held yesterday, 29th October 2026 at ILAN House, Suru-Lere, Lagos.
While the Institute accomodated their concerns that the waiting time to get settled during liquidation was now anybody’s guess, the only option was to wait and absorb as the process endures.
The President of the Institute of Loss Adjusters of Nigeria, Pastor Ikechukwu Udobi, who shared the concerns of the affected adjusters after the close of the meeting, said the firms have been boxed between the two folds of liquidation and its counter, litigation by the insurers that have now had their licenses withdrawn by the National Insurance Commission.
