UNDERWRITERS OWE LOSS ADJUSTERS OVER N250 MILLION

For those who may not know, Loss Adjusters are like CIA in the insurance industry.
They are professionals who investigate loss before claims are settled.
The duty of the Loss Adjuster is mostly appreciated in large ticket loss like factory fire or ship accident.
Despite their crucial roles, Loss Adjusters in Nigeria are not having the best of times at the moment as insurance companies is owing them over N250 million.
It is particularly very sad that after adjusters have provided their profesional services, insurance companies settle the claims for which adjusters were engaged but fail to pay their fees.
Worried by the development in the market, the regulator NAICOM last month issued a circular mandating insurance companies to obey their agreements with Loss Adjusters or face sanctions.
NAICOM has mandated insurers to pay loss adjusters fees not later than 10 days after the submission of the Loss Adjusters report to them.

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