Mutual Benefits Assurance Plc has said insurance protection provided by the industry is relevant for economic growth.
A Non-Executive Director, Mutual Benefits, Ms Kadaria Ahmed, said this while making a presentation on the topic ‘Role of insurance in economic growth’ during a training for reporters in Lagos.
She said, “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.”
She said insurance activities in the country should be encouraged through continuous sensitisation of the public on the benefits of having insurance, noting that reliable policies should be formulated around risk management as this would build trust among citizens and attract investors.
The government should provide an appropriate environment that encouraged insurance business, she said.
According to her, insurance provided safety, acted as a risk mitigator, and was a financial first responder.
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