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”.
While emphasising the important 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,” Asenuga stated.
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 organisations 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 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 nip it in the bud to ensure that the genuine policyholders benefit from the value of insurance.
