Mutual Benefit Assurance MD Calls for Policy Changes to Deepen Insurance Penetration

By LOVETH AZODO, Lagos

The Managing Director of Mutual Benefit Assurance, Asenuga Olufemi Adewale has emphasized the need for policy changes to deepen insurance penetration in the nation.

He stated that improvements should not only target consumers but also focus on policy-making, as that is where fundamental changes can begin.

He made this call during his welcome address at the training organized by Mutual Benefit Assurance PLC, themed “The Role of Insurance in National Development,” held today in Lagos.

He lamented that despite Nigeria’s population exceeding 200 million, the country’s insurance penetration is not reflective of its potential when compared to other African nations. “We are far from where we ought to be as a country; everyone regards us as the giant of Africa,” he remarked.

On the importance of media partnerships, he revealed that the organization is determined to convert this potential into tangible results.

Speaking on the significance of insurance in Nigeria, the Head of the Technical Department, Mutual Benefit Assurance, Titilayo Akinsiku stated that any economy that undermines the role of insurance is jeopardizing its own future.

She noted that while insurance benefits individuals, it also contributes to national development.

She highlighted that insurance plays a crucial role in financial stability, which is vital for fostering investment, entrepreneurship, and economic activities that drive national growth.

“Insurance acts as a safety net against poverty and financial burdens. Access to insurance can improve the quality of life and well-being of individuals and families, thereby contributing to national development,” she said.

Akinsiku warned about the dangers of purchasing fake insurance, emphasizing that such policies do not have the potential to provide any real protection.

“Once you patronize fake insurance practitioners, rest assured you will not receive any compensation if a risk occurs,” she cautioned.

She also stated that any third-party motor insurance sold at a rate of N5,000 is fraudulent, adding that no claims can be paid under such a policy.