L-R: Joseph Oladokun, General Manager/Head Technical Department; Abisola Fadairo, Snr Manager; Biyi Ashiru-Mobolaji, Executive Director Operations; Managing Director/CEO Mutual Benefits Assurance Plc, Femi Asenuga, Ellen Offor, Head Corporate Communication and Gabriel Gbadebo, Assistant General Manager,
BY NKECHI NAECHE-ESEZOBOR–Insurance is one of the key activities in a globalised financial and economic environment.
Through its benefits, insurance offers income, life and property protection to the insured and their keens, as well as income accumulation that can be used at retirement to help preserve the desired lifestyle or living standards.
Cross section of members of NAIPCO and management team of Mutual benefits Assurance Plc at the event yesterday.
Ms Kadaria Ahmed, Non-Executive Director, Mutual Benefits Assurance Plc, while speaking on ‘’The Role of Insurance in Economic Growth’’ said insurance provides safety and security, serves as a financial first responder and as a risk mitigators.
According to her in ensuring financial and economic stability, insurance serves as capital protectors, instrument of social policies, capital infusers and sustainers of the supply chain.
She disclosed this during a one-day training workshop with the theme “Winning With Detail Products’’ organised by the company for members of the National Association of Insurance and Pension Correspondents (NAIPCO) in Lagos.
She said said other roles insurance plays in ensuring economic development, according to her, is to ensure infrastructure development, serves as community builders, credit facilitators as well as promote innovation.
She added that in Nigeria, insurance has impacted strongly on the nation’s economic growth in contributing to the gross domestic product (GDP) of the nation and ensuring the promotion of entrepreneurial activities.
Ms Kadaria who is also doubles as the Chief Executive Officer of Radio Now, noted
that ‘’the success of an economy is tied to the availability and accessibility of insurance and its products.’’
‘’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 stated.
She however called on the media to go beyond reporting the industry and it’s products but the industry in such a way the customers can understand significance of insurance.
‘’Media needs to report on Insurance beyond products and industry events, but help people understand its significance not just to
individuals but to society and national development.
‘’Insurance activities in the country should be encouraged through continuous sensitization of the public on the benefits of having
insurance.
‘’Reliable Policies should be formulated around risk management as this will build trust among citizens and even attract investors. The government should provide an appropriate environment that encourages insurance business.”
