L- 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 during the training for NAIPCO members in Lagos
By Favour Nnabugwu
Mutual Benefit Assurance Plc has said insurance is pivotal to any economic development of a nation.
The Non-Executive Director, Mutual Benefits Assurance Plc, Ms Kadaria Ahmed at a one-day training organised by the company for the National Association of Insurance and Pension Correspondents (NAIPCO) theme: Winning With Detail Products’ at its head office in Lagos, said insurance provides safety and security, serves as a financial first responder and as a risk mitigators.
Kadaria who spoke on ‘’The Role of Insurance in Economic Growth’’ said in ensuring financial and economic stability, insurance serves as capital protectors, instrument of social policies, capital infusers and sustainers of the supply chain.
Other roles insurance plays in ensuring economic development, mentioned by her, is to ensure infrastructure development, serves as community builders, credit facilitators as well as promote innovation.
On the part insurance has played in this country, 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.
Doubles as the Chief Executive Officer of Radio Now, Kadaria hinted 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, she. stated.
‘’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 added.
She said industry report of insurance should beyond products and 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.
She said also has a lot to do to make insurance relevant. ’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”.