‘Insurance business remains panacea for economic growth in the country’

An insurance technocrat has advocated sustained development of insurance sector in Nigeria as it remains risk-mitigator for other businesses to flourish in Nigeria.

Ms Kadaria Ahmed, Non-Executive Director Mutual Benefits Assurance Plc, said that insurance business the world over is the only panacea for entrepreneurship and safety for financial risk undertaking.

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Ahmed, speaking at a one day training workshop for members of the National Association of Insurance and Pension Correspondents ,(NAIPCO) on the theme “Winning in the Retail Products”, organized by Mutual Benefits Assurance Plc in Lagos on “The Role of Insurance in Economic Growth” , said “Reliable policies should be formulated by government around risk-management as this will build trust among local entrepreneurs and other direct foreign investment.

Besides, she said government should provide conducive environment that encourages insurance business in the country.

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.

Ahmed said “the role of insurance in economic growth endures financial and economic stability, insurance served as capital protector, instrument of social policies and sustainability of supply chain”

According to her, insurance ensures infrastructural development, serves as community builders, credit facilitators as well as promote innovation.

In Nigeria, she said 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 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 charged the media to report insurance beyond products and industry event but ensure people really understand the 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.’’ she advocated

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