By Sola Alabadan
Non-Executive Director of Mutual Benefits Assurance Plc, Ms. Kadaria Ahmed, has canvassed for continuous sensitisation of the insuring public on the benefits of having insurance, in order to deepen the level of insurance penetration in the country.
Ms Ahmed made this call while speaking on “The Role of Insurance in Economic Growth” at a media training organised by the insurance company for journalists in Lagos on Tuesday. The theme of the workshop is “Winning With Detail Products.”
She also called on the media to go beyond reporting the industry and its products, saying efforts should be made to to report the industry in such a way the populace can understand the significance of insurance, not just to
individuals, but to society and national development.
Ms Ahmed equally advocated that reliable policies should be formulated around risk management so as to build trust among citizens and even attract investors, stressing that the government should provide an enabling environment to make insurance business thrive.
Speaking on the roles insurance plays in ensuring economic development, she said insurance provides safety and security, serves as a financial first responder and as a risk mitigators.
In ensuring financial and economic stability, she noted that insurance serves as capital protectors, instrument of social policies, capital infusers and sustainers of the supply chain.
Insurance is one of the key activities in a globalised financial and economic environment.
Through its benefits, insurance offers income, life and property protection to the insured and their keens, as well as income accumulation that can be used at retirement to help preserve the desired lifestyle or living standards, she stated.
She emphasised that other roles insurance plays in ensuring economic development, include ensuring infrastructure development, serves as community builders, credit facilitators as well as promote innovation.
She added that in Nigeria, insurance has impacted strongly on the nation’s economic growth in contributing to the gross domestic product (GDP) of the nation and ensuring the promotion of entrepreneurial activities.
“theY success of an economy is tied to the availability and accessibility of insurance and its products.
“Without the guarantee of insurance, most businesses will not be able to operate, and construction projects which foster infrastructural development will not go forward.
“Creativity and Innovation will be hindered as people/ businesses will not be willing to take risk, explore other areas of expansion and break from old ways of doing things,” she further stated.
