The Institute of Loss Adjusters of Nigeria, says the changes in regulation sweeping through the insurance industry as regards underwriters and recapitalisation is to protect the insuring public.
The president of ILAN, Mr Reginald Egbuniwe, made this remark at the investiture ceremony that put him on the block to lead the loss adjusters for another three years. As he rolled out the template of his term, ILAN helmsman admitted that the times might be challenging for insurers though, it was not enough to deflate the need to recapitalise.
Egbuniwe who is also CEO at Grand Metropolitan Associates, puts his strong reason: “We all need an insurance industry with strong players who can fulfil their contractual obligations to their clients, both the insureds and service providers such as ourselves.”
Besides, he said the recapitalisation exercise was a “welcome development which was long overdue.”
He noted that some underwriting companies might find meeting up with NAICOM requirement challenging, “but I sincerely believe that with creative thinking, a willingness to put the industry first and a positive attitude to change, our industry and the insuring public will be better off.”
On the contemporary place of loss adjusters, Egbuniwe said adjusters need to influence contemporary thinking about insurance and claims administration to ensure that all participants in the claims cycle take proper account of the value and benefits that loss adjusting services bring to the claims process.
As influencers, he said loss adjusters have a lot to offer to underwriters, the regulator, brokers and the insuring public as they deal with the challenges of emerging risks of a rapidly changing world.
“As loss adjusters, we have a deep understanding of information and relationships. We understand its vulnerabilities, its sensitivities and of course its long term value, and, if we do it right, I know our contributions will be acknowledged and appreciated,” he explained.