Mutual Benefit Tasks FG on Policy Changes to Increase Insurance Patronage

Ebere Nwoji

The Managing Director and Chief Executive Officer Mutual Benefit Assurance plc, Mr Femi Asenuga, has urged Federal Government to effect policy changes that would increase insurance uptake and re- shape public understanding of insurance.

Asenuga who made the call in his opening remarks at the one day workshop   organised by the company for members of the Nigerian Association of Insurance and Pension Editors (NAIPE) in Lagos decried the persisting low insurance penetration in the country.

At the workshop was themed, “The Role of Insurance in National Development.”

Asenuga regretted the low insurance penetration in Nigeria saying that despite the country’s high population and large demographic density, insurance patronage is still very shallow.

He therefore called for policy changes to increase insurance uptake by Nigerians.

He said, “A well-functioning insurance sector is essential for creating a stable and prosperous environment that supports sustainable development and enhances citizens’ overall quality of life.

“We are far from where we are supposed to be as a country. Nigeria with a population of over 200 million and as the giant of Africa should not only be in theory.” 

In her presentation on  “The Role Of Insurance In National Development,” Head, Technical Department, Mutual Benefits Assurance Mrs. Titilayo Akinsiku, highlighted some of the roles insurance plays in national development.

Also speaking, the Managing Director of Mutual Benefits Life Assurance Limited, Mr. Biyi Ashiru-Mobolaji, affirmed the important role of insurance in national development even as he expressed concern about some bad eggs in the industry, which he said must be flushed out.