Mutual Benefits Assurance Plc has voiced concern over Nigeria’s low insurance penetration and is advocating for policy changes to enhance insurance uptake across the country. Mr. Femi Asenuga, Managing Director/CEO of Mutual Benefits, expressed these sentiments during a workshop aimed at insurance journalists.
Asenuga emphasized the crucial role of media in driving policy reforms and educating the public about the benefits of insurance. He stated that Nigeria, with its significant population and economic potential, should have a more robust insurance sector. “We are far from where we need to be,” he said, highlighting the disparity between Nigeria’s theoretical position as Africa’s economic giant and its practical insurance landscape.
The workshop also featured a presentation by Mrs. Titilayo Akinsiku, Head of Technical Department at Mutual Benefits, who outlined the critical roles of insurance in national development. Her presentation covered several key areas:
- Risk Mitigation and Financial Stability: Insurance helps manage and mitigate financial risks, contributing to overall economic stability.
- Business Continuity and Resilience: Insurance supports business continuity by providing financial protection against losses and disruptions.
- Social Welfare and Inclusivity: It promotes social welfare by offering financial protection and support to various segments of society.
- Risk Management and Sustainable Development: Insurance aids in managing risks and supports sustainable development through various investment channels.
- Investment and Capital Formation: The insurance sector plays a role in capital formation and investment, contributing to economic growth.
Asenuga called for increased media involvement in reshaping public perceptions and policies regarding insurance to drive greater acceptance and penetration in Nigeria.
