Commissioner Charges Insurers to Promote Robust, Resilient, Stable Industry  for Economic Stability 

Ebere Nwoji

The Commissioner for Insurance, Mr Olusegun Ayo Omosehin, has urged insurance professionals to be committed to promoting a robust, resilient, strong and stable insurance industry that contributes to the economic stability and growth.

Omosehin, who made this call at the investiture ceremony of the 52nd President of the Chartered Insurance Institute of Nigeria (CIIN), Mrs Yetunde Ilori, said this has become necessary given the fact that emerging realities and developments at the global and national levels today obviously call for a collaborative effort among insurers  to reposition the insurance profession and rebrand the industry such that the narratives could be better understood by all. 

He said insurers should  be mindful of the perception of the insurance profession by the public and be deliberate in putting their  narratives across, adding that NAICOM on its own would not be left out of the needed efforts.

According to him, “On our part, the National Insurance Commission (NAICOM) is committed to aligning the insurance sector with the renewed hope agenda of President Bola Ahmed Tinubu, and his ambitious goal of growing the Nigerian economy to $1 trillion by 2030.

 “At NAICOM we view the institute as one of our veritable partners in the development of the much needed skilled-professionals in the course of achieving this goal. It is therefore imperative to reiterate our continuous support to the institute in the discharge of its responsibilities and look forward to exploring additional mechanisms of enhancing the existing relationship with the Institute and in facilitating improved perception, transparency and public confidence in the insurance industry.”

He commended the efforts of the institute’s outgoing President & Chairman of Council, Mr Edwin Igbiti and members of the Governing Council of the CIIN for their steadfast commitment towards the promotion of Insurance education and professionalism among members.

He affirmed that the new CIIN President, Ilori’s journey to the prestigious position was a testament to her unwavering dedication, exceptional leadership, and profound commitment to the insurance sector. 

He said, “As the immediate past Director General of the Nigerian Insurers Association (NIA), she demonstrated remarkable expertise and visionary leadership that greatly contributed to the advancement of that association and by extension our industry. Today, it’s on record that during her tenure as the DG of the NIA and with the support of the governing council, the NIA delivered a befitting head office. The 7-storey building with a mezzanine floor has become the pride of the entire insurance industry.”

Omosehin, said  the new CIIN President’s achievements and wealth of experience, coupled with her relentless pursuit of excellence, made her the perfect choice at this critical time to lead the institute to new heights, fostering a culture of continuous improvement, growth and innovation.

Speeking, Ilori said, “Today, as I willingly, without coercion accept to be the 52nd President of the Chartered Insurance Institute of Nigeria, the 8th woman to take on the role, I know expectations are high. I am going to have to compete with myself to surpass my achievements in my previous roles especially as the Director General of NIA,” she said.