Mutual Benefits Assurance Plc has called for media support in ensuring policy changes, shaping public understanding of insurance and deepening insurance penetration in Nigeria.
The Managing
Director/Chief Executive Officer of Mutual Benefits Assurance Plc., Mr. Femi
Asenuga, made the call in his opening remarks at a one-day workshop organised
by the Company for members of the Nigerian Association of Insurance and Pension
Editors (NAIPE) in Lagos themed "The Role of Insurance in National
Development".
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| L-R; Sola Alo, AGM Technical Mutual Benefits Assurance Plc; Titi Akinsiku, DGM Technical Mutual Benefits Assurance Plc; Biyi Ashiru-Mobolaji, MD/CEO, Mutual Benefits Life Assurance Ltd; Ellen Offo, Head Corporate Communication, Mutual Benefits Assurance Plc; Oluremi Fadi, Controller, Technical, Mutual Benefits Life Assurance Ltd, and Gabriel Gbadebo, AGM Technical Mutual Benefits Life Assurance Ltd., after a one day workshop organised in Lagos by Mutual Benefits Group for members of the Nigerian Association of Insurance and Pension Editors (NAIPE) |
While emphasizing the importance role of the media in educating the insuring public on how insurance contributes to economic resilience, he said the ability of insurance journalists to communicate the complexities of insurance in a relatable and impactful way is vital in building public trust and confidence in the industry as well as encouraging more people to embrace insurance.
Asenuga who
decried the low insurance penetration in Nigeria despite the country’s high
population and large demographic density, 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 and as the giant of Africa should not only be in theory. As
the press, you have a major role to play in changing the narrative of insurance
penetration in the country. The change is not only expected at the consumer
level but also at policy making because that is where everything starts from.
“Your
presence here today underscores the importance of the role of the media in
shaping public understanding and driving awareness of essential economic tools,
such as insurance.
“As editors,
you hold the unique power to educate the public on how insurance contributes to
economic resilience. Your ability to communicate the complexities of insurance
in a relatable and impactful way is vital in building trust and encouraging
broader participation in insurance to the general public.
“Today's
training is designed to equip you with the knowledge necessary to report on
insurance in a way that inspires action. We believe that through informed
reporting, you can help bridge the gap between the insurance sector and the
insuring public, contribute to the economic prosperity of our nation and
ultimately deepen insurance penetration in Nigeria,” Femi Opined.
In her
presentation “The Role Of Insurance In National Development,” Head, Technical Department,
Mutual Benefits Assurance Plc., Mrs. Titilayo Akinsiku, highlighted some of the
roles insurance plays in national development.
They
include, according to her, Risk Mitigation And Financial Stability; Business
Continuity And Resilience; Social Welfare And Inclusivity; Risk Management And
Sustainable Development as well as Investment and Capital Formation.
She 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 organizations to encourage and protect investors as well as ensure
sustained economic growth.
“The
regulatory authorities should put in place policies to enforce transparent and
efficient management of funds by insurers.
“Investors
should diversify their portfolio of investments to boost returns and their
ability in claims payment.
She stated
further that “The role of insurance in national development is instrumental in
promoting economic growth, social welfare, risk management, and resilience.
“A
well-functioning insurance sector is essential for creating a stable and
prosperous environment that supports sustainable development and enhances
citizens' overall quality of life.
Also
speaking, the Managing Director of Mutual Benefits Life Assurance Limited, Mr.
Biyi Ashiru-Mobolaji, affirmed the important role of insurance role in national
development even as he expressed concern about some bad eggs in the industry,
which he said must be flushed out.
He said the
industry over the years has paid so much as claims to policyholders in ensuring
the financial prosperity of the people and the economic stability and
development of the nation.
On
fraudulent claims which he said is one of the issues affecting the industry, he
said the industry is working with relevant authorities to nib it in the bud to
ensure that the genuine policyholders benefit from the value of insurance.
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