Trust is Key Asset for Insurance Industry, Says Omosehin

At the 2026 Insurance Professional’s forum organized by the Chartered Insurance Institute of Nigeria (CIIN) in Abeokuta, Ogun State, Mr. Ayo Omosehin, the Commissioner for Insurance, urged insurance professionals to regard trust as the most valuable asset in the insurance industry. He stated that no amount of capital, technology, or regulation could replace a lack of trust, placing a significant responsibility on insurers, intermediaries, regulators, and professional bodies.

Omosehin emphasized that strong governance, ethical leadership, transparency, accountability, fair market conduct, and prompt claims settlement are foundational for building public confidence. He noted that the establishment of the insurance Policyholders’ Protection Fund under NIIRA 2025 has enhanced this confidence by providing a safety net in cases of insurer distress.

Omosehin reiterated that the regulator's aim is preventive, advocating for effective supervision, prudent risk management, and sound corporate governance as the first line of defense against institutional failure. He characterized insurance as a strategic tool for economic stability, transforming uncertainty into confidence and vulnerability into resilience.