The National Insurance Commission (NAICOM) has urged Nigeria’s insurance sector, particularly Loss Adjusters, to strategically align themselves for prospects under the African Continental Free Trade Area (AfCFTA).
Mr. Ekerete Ola Gam-Ikon, the Deputy Commissioner for Insurance, Finance, and Administration, made this appeal while delivering the opening address at the Nigerian Insurance Industry AfCFTA Committee Workshop held in Ikeja, Lagos.
Gam-Ikon underscored that AfCFTA offers a “transformative opportunity for advancement, wealth, and market diversification” for Nigeria’s insurance domain.
He indicated that as trade volumes rise across the continent, Loss Adjusters will assume a crucial role in evaluating and managing risks linked to transnational trade.
He stated, “As we broaden our services to other African nations, new prospects will be generated for Loss Adjusters. The necessity for risk evaluation and claims administration will increase, and we must enhance our expertise and abilities to maintain competitiveness. ”
The workshop, entitled “Navigating New Horizons: Opportunities Unleashed by AfCFTA for Insurance Loss Adjusters,” provided a forum to examine the economic environment of Africa and the potential for innovation, investment, and cross-border integration.
Gam-Ikon reiterated that “AfCFTA transcends a mere trade agreement; it is a pathway to unlock new markets and establish strategic partnerships among African insurance entities. ”
He reaffirmed the National Insurance Commission’s (NAICOM) dedication to empowering Loss Adjusters in the AfCFTA era and encouraged industry stakeholders to take proactive measures in enhancing their service delivery, professionalism, and competitiveness.
He added, “We will extend support, but your proactive initiatives will dictate your relevance. The unrestricted movement of goods, services, and individuals will broaden Nigeria’s economic influence, and the insurance sector must be prepared to fully capitalize on this. ”
Additionally, Gam-Ikon emphasized the significance of collaboration among African insurance firms, indicating that through partnerships, Nigerian Loss Adjusters can utilize shared resources, expertise, and technology to improve service provision.
The Deputy Commissioner, who officially opened the workshop, praised the efforts of the Nigerian Insurance Industry AfCFTA Committee and the Institute of Loss Adjusters of Nigeria (ILAN) for orchestrating the event.
He encouraged participants to engage actively, share ideas, and formulate actionable strategies to maximize the advantages of AfCFTA.
He noted that the workshop represented a pivotal advancement in positioning Nigeria’s insurance sector for enhanced continental integration, reinforcing the role of Loss Adjusters in bolstering risk management and economic resilience across Africa.
