AXA Mansard Insurance Plc has urged insurance journalists to move beyond reporting industry developments and take a more active role in interpreting complex insurance issues in ways that Nigerians can easily understand.
The company said such an approach has become necessary as the insurance industry undergoes major reforms, particularly the ongoing recapitalisation exercise, which it noted has implications for consumers, businesses and the wider economy.
The Head of Marketing, AXA Mansard, Olusesan Ogunyooye, made the call in Lagos during the inauguration of the newly elected executives of the National Association of Insurance and Pension Editors (NAIPE).
Ogunyooye, while congratulating the new leadership of NAIPE, commended members of the association for their contributions to bridging the information and education gap between the insurance industry and the public through credible and consistent reporting.
He said NAIPE had played an important role in bringing critical industry conversations to the public and keeping stakeholders informed about developments across the insurance sector.
“On behalf of AXA Mansard, I congratulate the newly inaugurated executives of NAIPE and wish them a successful tenure. I must also commend the association and its members for the remarkable work you are doing in connecting our industry with the public and ensuring important information reaches Nigerians,” he said.
However, he noted that despite progress in insurance reporting, a significant education gap remained, stressing the need for the media and industry operators to do more to explain how developments in the sector affect ordinary Nigerians.
According to him, Nigerians need more than information about the insurance industry; they also need to understand the implications of such information for their lives, businesses and financial security.
“While you have done an excellent job reporting developments within the insurance industry, there is still a need to bridge the education gap. The public does not only need information; they also need understanding.
“This is why we believe the media must continue to evolve from reporting industry news to interpreting and translating it in ways that are relatable to everyday Nigerians,” Ogunyooye said.
He identified the recapitalisation exercise as one area where insurance journalists could play a significant role in improving public understanding of the industry and its reforms.
Ogunyooye said the exercise should not be viewed merely as an industry regulatory development, but as an issue with direct implications for policyholders and other users of insurance services.
“Recapitalisation is not just an industry story. It is a consumer story. Beyond the headlines, we look forward to how you will support our industry by helping Nigerians understand how a stronger insurance industry can enhance consumer confidence, improve insurers’ capacity to settle claims, drive innovation, and ultimately provide better protection for individuals, families, and businesses,” he said.
He added that the impact of the recapitalisation exercise would be better appreciated when consumers were able to connect the industry reforms with their everyday financial realities.
“When people understand how policy reforms and capital strengthening initiatives affect them positively, they are more likely to engage with and trust our industry,” he said.
The AXA Mansard executive further stressed that accurate interpretation and simplification of insurance developments would be critical to improving public awareness, strengthening confidence in the sector and encouraging wider adoption of insurance products.
He reaffirmed AXA Mansard’s commitment to working with the media and other stakeholders to promote insurance education, deepen financial inclusion and strengthen protection for individuals and businesses across the country.
The NAIPE inauguration brought together insurance industry operators, regulators, media professionals and other stakeholders, with discussions focusing on the role of journalism in advancing the growth of the insurance and pension sectors and the wider financial services industry.
