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Industry regulator, the National Insurance Commission (NAICOM) is making a new intervention that seeks to close skills gap of loss adjusters in the industry.
The loss adjusting space over time has not been attracting fresh brains underlining a critical challenge that the sector will have to face if nothing is done now.
According to analysts, that arm of the insurance industry has not been attractive in terms of remuneration for service (wages), making it unattractive for new graduates to take up employment in that space. While older professionals are aging, and no one is replacing them, raising concern as to what the future of the business entails.
NAICOM during the past week engaged the country’s loss adjusters in a training on oil and gas, having partnered with BMK Advanced Corporate Training of South Africa. The three days training held in Abuja.
Loss adjusting businesses, according to analysts, are being hit hard by poor revenue, not only resulting from their low payment scale compared with international counterparts, but also by underwriting companies who utilise their services, but owe them uncontrollably.
The implication therefore is that, the loss adjusting firms have become less sustainable, inability to pay quality remuneration, manpower shortage and increasingly less attractive to younger generation of job seekers.
This development analyst’s fear could result in total disappearance of the profession in Nigeria if unchecked, as the country would have to pay higher to get such servicers from other markets giving that the local market currently is dominated by aging players.
Loss adjusters are independent claims specialists who assist in the fair and just settlement of claims, including complex or contentious claims, on behalf of insurance companies and their clients, recommending appropriate amount for indemnity.
Darlington Mgbojikwe, managing director/CEO, Crawford Loss Adjusters Limited … Read More...