The Institute of Loss Adjusters of Nigeria has announced an upward review of its professional fees effective 1 January 2026.
This was stated by the President of the Institute of Loss Adjusters of Nigeria, Ikechukwu Udobi, during a press briefing in Lagos, indicating that the review followed engagement with stakeholders in the insurance industry.
The PUNCH reports that the Institute of Loss Adjusters of Nigeria is the umbrella body for professionals providing technical support services to the insurance market in the areas of claim investigation, verification and settlement. ILAN was founded in June 1981.
Udobi said, “As I speak, the NIA has issued a directive to their members on the new scale of fees we finally agreed on with them. Both parties have reached a final agreement, with only administrative sign-off remaining. While the outcome may not fully meet all our initial expectations, it represents significant progress.”
The ILAN president added that the body had commenced the process during the tenure of his predecessor, saying, “We are grateful to God and all parties that made it work. Our members are equally happy,” although the deal may not be “the totality of what we requested, but it’s a good point that we arrived at. It’s not eureka yet, but we’re glad we have taken off. The interesting aspect of that agreement is that there is a provision for review between three and five years if the indicators are right.
“One of the good things about the agreement is that we understand the fluctuating nature of the economy. We won’t allow this agreement to linger for too long again. Before now, the last scale of fees agreed upon was in 1992. You could imagine the level of inflation that has occurred. That erodes the value of earnings. But with this new review and a period of 3 – 5 years set, it gives both parties opportunities to see the economic performance. If the economy is performing well, there may not be a need”, he added.
Promising a better deal of professional upgrading, Udobi said, “We, on our part, will equally match the improvement in terms of skill and expertise in adjusting. There will be more revenue to enable adjusters to go for further training. It is a promise we are making to improve ourselves and provide better services.”
Beyond the subject of fees, the ILAN added that the body was working to develop a long-term strategic roadmap to guide the institute’s growth over the next decade and ensure leadership continuity.
He said, “The objective is to ensure leadership continuity and prevent policy reversals whenever new leadership emerges. Developing the roadmap collectively ensures that future administrations remain aligned with long-term goals.”
