Insurance Commissioner Urges Insurers to See Trust as Valuable Asset

Ebere Nwoji

The Commissioner for Insurance, Mr Ayo Omosehin, has urged insurance professionals to see trust as insurance industry’s most valuable asset.

Omosehin who stated this at the 2026 Insurance Professional’s forum organised by the Chartered Insurance Institute of Nigeria( CIIN), in Abeokuta, Ogun State, said no amount of capital, technology, or regulation could compensate for a deficit of trust.

He said this reality has placed an enormous responsibility on insurers, intermediaries, regulators, and professional bodies alike.

According to him, strong governance, ethical leadership, transparency, accountability, fair market conduct, and prompt claims settlement are not merely regulatory requirements but foundations upon which public confidence is built.

He said the establishment of the insurance Policyholders’ Protection Fund under NIIRA 2025 has further strengthened this confidence by providing an additional safety net in situations involving insurer distress.

He however said the regulator’s ultimate objective remained preventive rather than reactive. “Effective supervision, prudent risk management, and sound corporate governance must always serve as the first line of defence against institutional failure”, Omosehin stated.

He described insurance as a strategic instrument for economic stability and not just financial service.

He further described insurance as the institutional mechanism through which societies transform uncertainty into confidence and convert vulnerability into resilience. “The economics of risk and the social value of insurance at its essence, shows that risk represents uncertainty regarding future outcomes”, Omosehin stated.