Mutual Benefits Assurance Plc says the provision of insurance protection by the industry is relevant for economic growth.
Kadaria Ahmed, Non-Executive Director, Mutual Benefits, said this while making a presentation on the topic ‘Role of insurance in economic growth during a training for reporters in Lagos.
“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 risks, explore other areas of expansion and break from old ways of doing things.
"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.”
According to her, the country should encourage insurance activities by continuously advocating the benefits of having insurance.
She noted that reliable policies should be formulated around risk management as this would build trust among citizens and attract investors.
She also said that an appropriate environment that encourages insurance business should be provided by the government
She added that insurance provides safety, acts as a risk mitigator, and is a financial first responder.
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