Mutual Benefits Assurance Plc has called for greater integration of risk management and insurance into Nigeria’s sustainable development agenda, warning that development gains could be lost if households, businesses and critical infrastructure remain vulnerable to unexpected shocks.
The call was made by the company’s Managing Director and Chief Executive Officer, Olufemi Asenuga, who delivered a plenary paper on behalf of the Group Chairman, Dr Akin Ogunbiyi, at the 19th Annual Research Conference and Fair of the University of Lagos on October 14, 2026.
The paper, titled “Risk Management and Insurance as Catalysts for Sustainable Development: Protecting Lives, Livelihoods and Critical Infrastructure,” examined how insurance can help individuals, businesses and governments manage financial losses, maintain continuity and protect development investments.
“Development is not what a nation builds. Development is what survives,” the presentation stated, emphasising the need to protect investments and livelihoods against preventable and unforeseen risks.
Aligning his arguments with the conference’s focus on food security, health, housing and humanity, Asenuga described insurance as an essential component of national development rather than a peripheral financial service.
He explained that risk management helps identify and reduce potential losses, while insurance provides financial protection against covered events, enabling households, businesses and public institutions to recover from setbacks.
The presentation also referenced the United Nations Sustainable Development Goals, particularly Target 1.5, which focuses on building the resilience of vulnerable populations, and Target 8.10, which promotes access to banking, insurance and financial services.
Figures cited in the paper put Nigeria’s gross insurance premiums at approximately ₦2.3 trillion in 2025, representing a 47 per cent increase from about ₦1.56 trillion in 2024. However, Asenuga cautioned that market growth does not automatically translate into wider insurance coverage, leaving many Nigerians exposed to risks such as illness, fire, flooding, death and business interruption.
He identified low incomes, limited awareness, public distrust, weak enforcement of compulsory insurance, inflation and the largely informal structure of the economy as barriers to wider adoption.
According to the presentation, expanding insurance coverage would require affordable products, transparent policy terms, prompt settlement of valid claims, stronger regulatory enforcement and distribution channels suited to the needs of Nigerians.
The paper outlined the role of insurance in protecting households from financial hardship, helping businesses recover from covered losses and supporting farmers against climate-related risks. It also highlighted construction and engineering insurance as tools for protecting infrastructure projects, while noting the potential role of insurance and pension funds in financing well-structured infrastructure investments.
Asenuga called for coordinated action by insurers, government, regulators, academia and citizens to strengthen the sector’s contribution to national development.
He urged insurance companies to build public confidence through ethical practices, efficient claims management, clear communication, relevant products and greater investment in technology and professional capacity. Government and regulators, he said, should enforce existing insurance requirements, protect public assets and strengthen disaster-risk financing.
He also advocated closer collaboration between universities and the insurance industry through joint research, internships, data sharing and the integration of insurance literacy into academic programmes. Citizens were encouraged to understand their policies, obtain appropriate cover and adopt preventive measures.
The presentation stressed that insurance cannot replace sound public policy, preventive planning or investment in social infrastructure. Rather, it complements these measures by helping people and institutions absorb the financial consequences of covered losses without sacrificing development gains.
For Mutual Benefits, the message reinforces the importance of insurance as a tool for financial resilience, business continuity and long-term security as Nigeria pursues its development ambitions.
