The Commissioner for Insurance, Mr Ayo Olusegun Omosehin, has said that the success of insurance in any economy is fundamentally anchored on the level of public understanding, trust, and acceptance.

Omosehin, who spoke at the opening ceremony of this year's Insurance Week held in Lagos, said without awareness, there could 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, insurance appreciation remains best parameter for measuring its impacts," he noted.

He noted that a major contributor to observable gaps in the desired impacts 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. He said insurers must therefore rethink and reposition their communication strategies.

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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 her address at a virtual press briefing to announce the commencement of this year's insurance week, President of Chartered Insurance Institute of Nigeria(CIIN), Mrs Yetunde Ilori, had said that the Institute would utilise the opportunity of this year's edition of the programme which runs between May 15th to 26th to sensitise the public especially the youths on the relevance of insurance to their daily lives.