Mutual Benefits Assurance Plc has intensified public insurance education efforts following the implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, taking its awareness campaign to Ikeja City Mall, Lagos, to engage directly with members of the public.
The initiative forms part of the company’s broader strategy to improve insurance literacy, promote understanding of the new insurance law and encourage compliance with compulsory insurance policies designed to protect individuals, businesses and the general public.
At the mall, Mutual Benefits set up an interactive awareness stand where shoppers and visitors were engaged through direct conversations on the relevance of insurance and the key provisions of NIIRA 2025. Branded educational materials and flyers were distributed, while company representatives addressed questions and clarified public concerns around insurance obligations and benefits.
The sensitisation exercise focused on compulsory insurance covers under NIIRA 2025, including Motor Third-Party Insurance, Builders’ Liability Insurance and Occupiers’ Liability Insurance, among others. These policies, the company explained, are structured to protect third parties and reduce financial exposure arising from accidents, property damage and other unforeseen events.
Speaking on the campaign, the Managing Director of Mutual Benefits Assurance Plc, Mr. Femi Asenuga, said the decision to take insurance education to a busy public space was driven by the need to close the persistent awareness gap surrounding insurance in Nigeria.
According to him, insurance should not be viewed solely as a regulatory requirement but as an essential financial safety mechanism that supports economic stability and personal security.
“By engaging Nigerians in public spaces, we are simplifying the Nigerian Insurance Industry Reform Act 2025 and helping people understand how insurance protects lives, assets and livelihoods,” Asenuga said.
He noted that poor awareness remains one of the major factors affecting compliance with compulsory insurance policies, adding that sustained public education is critical to building trust in the insurance industry.
“As a responsible insurer, we believe education is the foundation for compliance. When people understand the value of insurance and how it works, they are more likely to embrace it,” he added.
Visitors who participated in the awareness exercise were also educated on how insurance provides financial protection against risks such as accidents, property damage, workplace injuries, professional liabilities and unexpected losses, reinforcing insurance as a practical tool for risk management and financial planning.
Mutual Benefits said the NIIRA awareness campaign will continue across other public locations as part of its commitment to supporting the successful implementation of the reform Act and strengthening insurance adoption nationwide.