Mutual Benefits Assurance Plc one day workshop for members of the Nigerian Association of Insurance and Pension Editors (NAIPE), presented an ample opportunity for the Group to present its perspective of the state of insurance in the country as it relates to all and sundry and businesses from the base to those at the commanding level of the economy; it was organic, bare and no holds barred.
The Managing Director/Chief Executive Officer of Mutual Benefits Assurance Plc., Mr. Femi Asenuga, who the made opening remarks for workshop themed “The Role of Insurance in National Development,” knocked this out as one of the highlights, “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.”
Loading the importance of the role of the media in educating the insuring public on how insurance works and its contribution 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. He presented insurance as the meal ticket for the survival of the economy. Having set that stage, he said much more is required from the service providers to fit squarely to occupy and offer the services that is required in that space of the economy.
Turning to NAIPE to demonstrate that its also a joint effort with the insurance market to make insurance a household name that should be embraced in Nigeria, he said, “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.”
“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.
Mrs. Titilayo Akinsiku the chosen resource person for “The Role Of Insurance In National Development,” 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.
Akinsiku who is Head, Technical Department, Mutual Benefits Assurance Plc cleared 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.
Coming after is, “The regulatory authorities should put in place policies to enforce transparent and efficient management of funds by insurers. The third high recommendation not i order of first among equals is, “Investors should diversify their portfolio of investments to boost returns and their ability in claims payment.”
Besides, she stated 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.”
Before the workshop curtain dropped, the Managing Director of Mutual Benefits Life Assurance Limited, Mr. Biyi Ashiru-Mobolaji, affirmed the important role of insurance role in national development, however, he did not let go the concern about some unethical practices in the industry, which he said must be flushed out.
Another ache draining the financial capability in the industry is the fledging organised syndicate that is standing ahead of genuine claimants to sweep to themselves the funds needed to pay genuine claims. This organised syndicate he emphasised, frustrates policyholders in earning financial prosperity and at the same time strangulates economic stability and development of the nation.
He said the industry is working with relevant authorities to deflate fraudulent claims and ensure that the genuine policyholders benefit from the value of insurance.
