Mutual Benefits Assurance Plc has expressed concern over the low insurance penetration in Nigeria and has called for policy reforms to increase insurance uptake among Nigerians.
At a workshop for insurance journalists, the company’s Managing Director/Chief Executive Officer, Mr. Femi Asenuga, emphasized the need for media support in driving these policy changes, shaping public understanding of insurance, and enhancing insurance penetration across the country.
Asenuga highlighted the crucial role of the media in educating the public about the importance of insurance in fostering economic resilience. He noted that the ability of insurance journalists to communicate the complexities of insurance in a clear and relatable manner is essential for building public trust and confidence in the industry, ultimately encouraging more Nigerians to embrace insurance.
“We are far from where we should be as a country,” Asenuga remarked. “With a population of over 200 million, Nigeria should not just be the giant of Africa in theory. The press has a significant role in changing the narrative around insurance penetration in the country. This change must begin at the policy-making level, as that is where everything starts.”
In a presentation titled “The Role of Insurance in National Development,” Mrs. Titilayo Akinsiku, Head of the Technical Department at Mutual Benefits Assurance Plc., outlined the various ways insurance contributes to national development. She highlighted key areas such as risk mitigation and financial stability, business continuity and resilience, social welfare and inclusivity, risk management and sustainable development, and investment and capital formation.