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
Ebere Nwoji, the Insurance Commissioner, addressed insurance professionals at the 2026 Insurance Professional's forum in Abeokuta, Ogun State. He emphasized that trust is the most valuable asset in the insurance industry, surpassing any amount of capital, technology, or regulation. Omosehin stressed that insurers, intermediaries, regulators, and professional bodies bear the immense responsibility of maintaining trust.
He outlined strong governance, ethical leadership, transparency, accountability, fair market conduct, and prompt claims settlement as foundational elements for building public confidence. The establishment of the insurance Policyholders' Protection Fund under NIIRA 2025 further reinforced this confidence. However, Omosehin maintained that the regulator's priority remains prevention rather than reaction.
He highlighted that supervision, prudent risk management, and sound corporate governance serve as the initial line of defense against institutional failure. Insurance, according to Omosehin, is a strategic instrument for economic stability and a mechanism to transform uncertainty into confidence and vulnerability into resilience.
He noted that risk signifies uncertainty about future outcomes, and the economics of risk underscore the social value of insurance.
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