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‘Policy adoption as harbinger of prosperity’


The low insurance penetration in the Nigerian market has been a major challenge to underwriting companies, particularly in this period of recapitalisation exercise with June 2020 deadline.

Experts in the sector, at a forum last week, agreed that the poor adoption of the insurance policy for government and the individuals have continued to pose greater challenge and difficulty to the industry’s growth, as well as the economy at large.

With the development, Mutual Benefits Assurance Plc has called on government at all levels to embrace insurance policy, as a means to address its immediate challenges, while also urging individuals to follow too.


Determined to serve its various stakeholders in the nation’s insurance industry, following the retirement of the Managing Director/Chief Executive Officer, Segun Omosehin, the company also announced the appointment of Femi Asenuga, as Managing Director/Chief Executive Officer.

This, according to the insurers, was to sustain the provision of outstanding leadership to the organisation. Asenuga’s appointment has been effective since December 23, 2019.

The Chief Compliance Officer, Jide Ibitayo, who spoke to The Guardian, noted that his appointment is subject to regulatory approvals, while the company’s board appreciated Omosehin’s contributions over the years and wished him the best in his future endeavour.

Asenuga holds a Master Degree in Business Administration and a Bachelor’s Degree in Insurance from the University of Lagos and an Associate of the Chartered Insurance Institute of Nigeria (CIIN).

He was the best graduating student in the final of the B.SC. Honours Insurance Examination, and won the Femi Johnson & Co. Prize as well as the Unity Life & Fire Insurance Company award for being the best overall graduating student in the department of Insurance for 1989/1990 session.

He started his Insurance career with Metropolitan Trust Insurance Company in 1993. He moved to Custodian and Allied Insurance as a pioneer manager in the underwriting department.

He is an alumnus of Lagos Business School and the Said Business School of University of Oxford, where he attended the Oxford Advanced Management. & Leadership Programme.

He was until his appointment, the ManagingDirector/Chief Executive Officer of Mutual Benefits Life Assurance Limited.

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