Mutual Benefits reiterates commitment to deepening retail business

By Asishana John

The management of Mutual Benefits Assurance Plc, has reiterated its commitment to further deepening retail insurance business in the country having occupied the lead position over the years.

Femi Asenuga, Femi Asenuga, the Managing Director/Chief Executive Officer of the underwriting firm, disclosed this when the executive members of the National Association of Insurance and Pension Correspondents (NAIPCO) paid them a courtesy visit at the insurer’s headquarters on Ikorodu Road, Lagos recently.

Asenuga posited that for huge Insurance penetration to take place in the country, there must be a holistic focus on the retail business, stressing that insurance penetration rate is still very low when compared to the huge population of the country, believing that, it is high time underwriters began to focus more on grassroots through retail insurance businesses.

He stated that, a huge  section of underbanked and unbanked Nigerians exist in the informal sector of which insurance firms can leverage to bring them into the financial service space.

To this end, he said, this has been the ultimate goal of Mutual Benefits right from inception, a development that has made the firm a reference point for investors and stakeholders in the area of micro insurance.

According to him, “we are restless when it comes to insuring the underserved and unserved Nigerians with financial solutions in the area of risk business in the country.”