ILAN tasks industry stakeholders on sustainable insurance practice

The Institute of Loss Adjusters of Nigeria (ILAN) has called on industry stakeholders to practise sustainable insurance, saying that this is the future of the risk business in the country.

The task, according to the institute, is to enable them to maximise the untapped potential in the economy and raise the confidence level, particularly about the benefits of insurance.

This was disclosed at the investiture of the 13th president of the institution in Lagos at the weekend.

The new president, Diipo Olanrewaju, in his acceptance speech, promised to sustain the legacies of his predecessor and introduce fresh innovations to take the institute to lofty heights.

“In doing so, concerted efforts should be made to ensure that the economic environment and social behaviour of people are integrated into the policy formulation and marketing strategy objective of the insurance companies,” he said.

He also urged industry players to raise the membership number of the institute to serve the sector better and weed out unregistered loss adjusters.

“They are not expected to adjust claims but they are engaged by underwriters. This administration will not hesitate to report such underwriters. We shall strive to eliminate the unregistered loss adjusters in the Industry,” he maintained.