Insurance Commissioner Urges Insurers to See Trust as Valuable Asset - THISDAYLIVE

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.

Founded on January 22, 1995, THISDAY is published by THISDAY NEWSPAPERS LTD., 35 Creek Road Apapa, Lagos, Nigeria with offices in 36 states of Nigeria , the Federal Capital Territory and around the world. It is Nigeria’s most authoritative news media available on all platforms for the political, business, professional and diplomatic elite and broader middle classes while serving as the meeting point of new ideas, culture and technology for the aspirationals and millennials. The newspaper is a public trust dedicated to the pursuit of truth and reason covering a range of issues from breaking news to politics, business, the markets, the arts, sports and community to the crossroads of people and society.

You can email us at: hello@thisdaylive.com or visit our contact us page.