The Institute Of Loss Adjusters Of Nigeria (ILAN), says it is committed to reduction in the list of co-insurers on some accounts.
The Immediate past president, Shamsideen Femi Hassan, in his valedictory speech at the investiture of the new president, the first to commence a three year term without the option of re-election, said the match to build an industry consensus on the issue was opened with a courtesy visit. The harmony match to bring together leading voices in the different arms made the visit with council members to the Nigerian Council Of Registered Insurance Brokers possible.
Hassan recast the meeting where ILAN sought assistance of members of the NCRIB “in reducing the long list of coinsurers on some accounts, with some insurance companies holding as low as 0.5% share.”
The long list of coinsurers he explained, posed attendant difficulty in recovering loss adjusters’ fees and expenses incurred in course of the claim evaluation process; “either because of the resultant small amount involved or the long list of coinsurers with majority of them in doubtful financial positions which has culminated in huge unpaid debts over the years.”
At the meeting, NCRIB promised to convey ILAN request to the larger body of insurance brokers with request for their cooperation “in reducing the challenges so posed to the fortune of loss adjusters.”
While the consensus to prune coinsurers remains in the open sea waiting to be called in to berth in the insurance industry harbour, ILAN has secured landing right at the Chartered Insurance Institute Of Nigeria, to contribute two books towards CIIN examinations for would be loss adjusters.
The submission of the books to the CIIN to serve as the grand stand for loss adjusting courses Hassan hoped, would fit into adequate electives for loss adjusters charting the course for professional qualification in loss adjusting.
He drives it further, “It is my hope that the two course books will be available to students in the next diet of the CIIN examinations in 2021.”