MUTUAL BENEFITS ASSURANCE WORKSHOP HIGHLIGHTS INSURANCE’S ROLE IN DEVELOPMENT, URGES GOVERNMENT AND MEDIA ADVOCACY

MUTUAL BENEFITS ASSURANCE WORKSHOP HIGHLIGHTS INSURANCE’S ROLE IN DEVELOPMENT, URGES GOVERNMENT AND MEDIA ADVOCACY

Mutual Benefits Assurance, Plc, hosts members of the National Association of Insurance and Pension Editors (NAIPE) to its second edition of their in-house workshop session. In his welcome address, Mr. Femi Asenuga, MD/CEO of Mutual Benefits Assurance Plc called on the Federal Government to implement policy changes that would boost insurance uptake and improve public understanding of insurance in the country.

L-R; Sola Alo, AGM Technical Mutual Benefits Assurance Plc; Titi Akinsiku, DGM Technical Mutual Benefits Assurance Plc; Biyi Ashiru-Mobolaji, MD/CEO, Mutual Benefits Life Assurance Ltd; Ellen Offo, Head Corporate Communication, Mutual Benefits AssurancePlc; Oluremi Fadi, Controller, Technical, Mutual Benefits Life Assurance Ltd, and Gabriel Gbadebo, AGM Technical Mutual Benefits Life Assurance Ltd.

The workshop, themed “The Role of Insurance in National Development,” highlights the crucial role of the media in educating the public about insurance. Despite Nigeria's large population and demographic density, insurance penetration remains notably low, as noted by Asenuga.

He advocated for policy changes to boost insurance uptake among Nigerians, emphasizing that a well-functioning insurance sector is vital for fostering a stable, prosperous environment that supports sustainable development and improves citizens' quality of life.

Asenuga remarked, “We are far from where we should be as a nation. Nigeria, with its over 200 million people and status as Africa's giant, should be advancing beyond theoretical discussions.”

He encouraged editors to leverage their reporting to enhance understanding and engagement with insurance, thereby contributing to economic resilience and greater insurance penetration in Nigeria. He expressed appreciation for their efforts and looked forward to the insights from the session.

At the event, Mrs. Titilayo Akinsiku, Head of the Technical Department at Mutual Benefits Assurance, while presenting her paper on the theme "The Role of Insurance in National Development" stated the crucial roles insurance plays in national development which includes enhancing risk mitigation and financial stability, fostering investment through business continuity and resilience, social welfare and inclusivity, risk management and sustainable development and investment and capital formation. Its multifaceted role strengthens economic resilience and drives sustainable growth.

Furthermore, Mr. Biyi Ashiru-Mobolaji, Managing Director of Mutual Benefits Life Assurance Limited, emphasized insurance’s vital contribution to national progress. He also raised concerns about issues within the industry, stressing the need to address and eliminate problematic elements.