Mutual Benefits Assurance urges media collaboration to boost insurance sector

By Esther Agbo

Mutual Benefits Assurance Plc has called for greater collaboration between the insurance industry and the media to enhance public understanding and uptake of insurance in Nigeria.

 Highlighting the critical role that journalists play in shaping perceptions, the company urged media professionals to take an active part in advancing policy changes that could drive deeper insurance penetration.

Speaking at a recent workshop organised for insurance journalists, the Managing Director/Chief Executive Officer of Mutual Benefits, Mr. Femi Asenuga, stressed the importance of public awareness in fostering a culture of insurance adoption and deepening insurance penetration in Nigeria.

He emphasised that the media has a unique capacity to translate the complexities of insurance policies into relatable narratives that resonate with the public, ultimately helping to build public trust and boost confidence in the sector as well as encouraging more people to embrace insurance.

“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,” Asenuga said.

He noted that policy changes would not only support increased insurance penetration at the consumer level but would also impact broader regulatory frameworks that guide the sector.

Additionally, the Head of the Technical Department at Mutual Benefits, Mrs. Titilayo Akinsiku, highlighted in her presentation the numerous ways insurance contributes to national development, including risk mitigation, financial stability, business continuity, and social welfare.

She emphasised that the industry’s potential to support sustainable development and capital formation must be fully realised through concerted efforts between policymakers, industry stakeholders, and the media.