Nigerian loss adjusters have secured a long-awaited revision of their professional fees, marking the first major review since 1992 and a significant boost for the insurance industry.
The new fee scale, confirmed by Ikechukwu Udobi, President of the Institute of Loss Adjusters of Nigeria (ILAN), is expected to improve earnings, support training, and strengthen capacity to handle increasingly complex insurance risks.
Udobi said the Nigerian Insurers Association (NIA) has issued directives to its members on the agreed fees, with only administrative sign-off remaining. “While the outcome may not meet all our expectations, it represents meaningful progress after more than three decades,” he said.
The fee review forms part of a broader reform agenda focused on institutional development, digital transformation, and professional capacity building. Udobi also disclosed plans to secure a permanent ILAN secretariat and develop a long-term strategic roadmap to ensure leadership continuity.
He noted that the revised fees have taken effect and will be periodically reviewed to reflect inflation and economic realities.
On insurance recapitalisation, Udobi said higher underwriting capacity would increase demand for skilled loss adjusters as more complex risks are handled locally.
He added that recent regulatory reforms now require professional fees to be settled alongside claims payments, a move expected to improve transparency and trust across the insurance value chain.
