Mutual Benefits Assurance seeks media support to drive penetration

Mutual Benefits Assurance Plc has called for media support in ensuring policy changes, shaping public understanding of insurance and deepening insurance penetration in Nigeria.

The Managing Director/Chief Executive Officer of Mutual Benefits Assurance Plc., Mr. Femi Asenuga, made the call in his opening remarks at a one-day workshop organised by the Company for members of the Nigerian Association of Insurance and Pension Editors (NAIPE)  on the theme “The Role of Insurance in National Development” in Lagos.

He pointed out the  important role of the media in educating the insuring public on how insurance contributes to economic resilience, besides the ability of insurance journalists to communicate the complexities of insurance in a relatable and impactful way is vital in building public trust and confidence in the industry as well as encourage more people to embrace insurance.

Asenuga who decried the low insurance penetration in Nigeria despite the country’s high population and large demographic density, called for media support through their reports, articles and analysis of issues that will trigger action leading to  policy adjustment to increase insurance uptake by Nigerians and deepen penetration, which he said is the desire of all stakeholders in the industry.

“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. As the press, you have a major role to play in changing the narrative of insurance penetration in the country. The change is not only expected at the consumer level but also at policy making because that is where everything starts from.”