Omosehin Attributes Insurance Success to Public Understanding, Trust, and Acceptance

Ebere Nwoji

The Commissioner for Insurance, Mr Ayo Olusegun Omosehin, explained that the success of insurance in any economy depends on the public’s level of understanding, trust, and acceptance.

Speaking at the opening ceremony of this year’s Insurance Week in Lagos, Omosehin said that without awareness there can be no demand. “Without understanding, there can be no trust. And without trust, sustainable growth cannot be achieved. Despite the inherent value of insurance as a critical risk‑management tool, appreciation of insurance remains the best parameter for measuring its impacts,” he noted.

He highlighted that a major contributor to the gaps in desired outcomes is the persistent lack of adequate public understanding of insurance products, processes, and benefits.

According to him, this reality underscores the need for a more deliberate and strategic approach to public engagement. Insurers must rethink and reposition their communication strategies.

He said, “Public awareness campaigns must move beyond generic messaging and evolve into more targeted, relatable, and sustained initiatives. We must communicate in languages people understand, through platforms they trust, and using real‑life scenarios that resonate with their everyday experiences.”

Earlier in a virtual press briefing announcing the start of this year’s Insurance Week, President of the Chartered Insurance Institute of Nigeria (CIIN), Mrs Yetunde Ilori, said the Institute would use the event—running from May 15 to 26—to sensitize the public, especially youths, about the relevance of insurance to their daily lives.