Mutual Benefits Assurance Plc is advocating for significant policy changes and increased media collaboration to enhance insurance penetration in Nigeria. During a one-day workshop organized by the company for members of the Nigerian Association of Insurance and Pension Editors (NAIPE) in Lagos, the company’s Managing Director and Chief Executive Officer, Mr. Femi Asenuga, highlighted the critical need for reforms and public education in the insurance sector.
The workshop, “The Role of Insurance in National Development,” served as a platform for industry leaders to discuss the challenges and opportunities within Nigeria’s insurance landscape. Despite Nigeria’s large population of over 200 million, insurance penetration remains worryingly low.
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Asenuga called on the Federal Government to implement policy changes that would drive higher insurance adoption and reshape public perception of the industry. He emphasized that a well-functioning insurance sector is crucial for creating a stable and prosperous environment that supports sustainable development and enhances the quality of life for all citizens.
Asenuga also stressed the vital role of the media in this endeavor, urging greater collaboration between the insurance industry and media outlets to effectively communicate the benefits of insurance to the public. He pointed out that effective communication is key to building public trust and confidence in insurance, which in turn would encourage more Nigerians to embrace insurance products.
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Adding to the discussion, Mrs. Titilayo Akinsiku, Head of the Technical Department at Mutual Benefits Assurance, detailed how insurance contributes to national development by mitigating risks, ensuring business continuity, and promoting social welfare. She advocated for mandatory insurance policies to drive investment and support sustained economic growth.
Similarly, Mr. Biyi Ashiru-Mobolaji, Managing Director of Mutual Benefits Life Assurance Limited, echoed the importance of insurance in national development. He expressed concern over unethical practices within the industry and called for measures to eliminate such “bad eggs” to protect the sector’s integrity.
The workshop underscored the urgent need for policy reforms, industry collaboration, and media support to boost insurance penetration in Nigeria, positioning the sector as a key driver of national development.
