A Non-Executive Director, Mutual Benefits Assurance Plc, Ms Kadaria Ahmed has said that the availability and accessibility to insurance and its products was pivotal to nations’ economic growth.
Ahmed stated this while delivering a keynote address at a one-day training organised by the underwriting firm for journalists covering the insurance and pension industry with the theme : Winning With Retail Products’ on Wednesday in Lagos.
She explained that insurance is instrumental to economic growth because it provides safety and security, serves as a financial responder and also mitigate risk.
Kadaria who doubles as the Chief Executive Officer, Radio Now said that in ensuring financial and economic stability, insurers serves as capital protectors, instrument of social policies, capital infusers and sustainers of the supply chain.
The director stated that insurance ensures economic development through infrastructure development, community building, credit facilitation and promotion of innovation.
She noted that the contribution of insurance to the country’s Gross Domestic Product (GDP) and promotion of entrepreneurial activities was highly impactful.
‘’Without the guarantee of insurance, most businesses will not be able to operate and construction projects which foster infrastructural development will not go forward.
‘’Creativity and innovation will be hindered as people/ businesses will not be willing to take risk, explore other areas of expansion and break from old ways of doing things,’’ she said.
According to her, reports on the industry should go beyond products and event but also making people really understand the significance of insurance.
Ahmed said : ” Insurance activities in the country should be encouraged through continuous sensitisation of the public on the benefits of insurance.
She charged Governments at all levels to provide an enabling environment that encourages insurance business to thrive.
Ahmed urged the government to formulate reliable policies around risk management, as this will help build trust of citizens on insurance and also attract investors to the industry.
In his welcome address, the Managing Director, Mutual Assurance Benefits, Mr Femi Asenuga identified retail insurance as a strategy for penetration into the market.
Asenuga stated that the insurance company has the largest retail marketing team with specialised products addressing the needs of various segments in the market.
“Our target is on the unserved and undeserved in the market and we have been able to provide products that meets and satisfy their needs over the years, ” he said.
According to him, the underwriting firm was providing the products and policies at a very accessible and affordable rate.
