Insurer seeks stakeholders’ collaboration for industry’s development

An underwriting firm, Mutual Benefits Assurance, is seeking industry collaboration to help the insurance industry grow faster.

The firm called for media support in shaping public understanding of insurance and deepening insurance penetration in Nigeria.

The Managing Director/Chief Executive Officer of Mutual Benefits Assurance, Femi Asenuga, made the call in his opening remarks at a one-day workshop organised by the insurer for members of the Nigerian Association of Insurance and Pension Editors (NAIPE) in Lagos and themed, ‘The Role of Insurance in National Development’.

While stressing the important role of the media in educating the insuring public on how insurance contributes to economic resilience, he said the ability of journalists to communicate the complexities of insurance in a relatable and impactful way is vital in building public trust and confidence.

Asenuga, who decried the low insurance penetration in Nigeria despite the country’s high population, called for policy changes to increase insurance uptake by Nigerians.

“We are far from where we are supposed to be as a country. Nigeria, with a population of over 200 million, should see its leadership in Africa beyond an idea,” he said.

Speaking also at the workshop, the Head of the Technical Department, Mutual Benefits Assurance, Titilayo Akinsiku, outlined some of the roles insurance plays in national development. These, she said, include risk mitigation, business continuity, social welfare and risk management.

Akinsiku noted that recent research on the impact of insurance on economic growth in Nigeria recommended that insurance policies be made mandatory for individuals and business organisations to encourage and protect investors as well as ensure sustained economic growth.