• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Thursday, June 19, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

‘Govt Must Provide Policies That Aid Insurance Penetration’

by Zaka Khaliq
3 years ago
in Business
Insurance Penetration
Share on WhatsAppShare on FacebookShare on XTelegram

The director, Mutual Benefits Assurance Plc, Ms. Kadaria Ahmed has appealed to government to provide the fiscal policies and supports that will aid insurance growth and penetration in the country.

Advertisement

Ahmed, while delivering a keynote address at a training organised for the members of the National Association of Insurance and Pension Correspondents(NAIPCO), at the Mutual Benefits headquarters, along Ikorodu Road, Ikeja, Lagos, last week, noted that, this would mean that government procure the needed insurance policies, thereby, encouraging individuals and businesses to embrace insurance.

According to her, “reliable policies should be formulated around risk management as this will build trust among citizens and government should provide an appropriate environment that encourages insurance business.”

As government embarks on series of developmental projects, the insurance contents in those initiatives provides businesses for insurance sector, thereby, aiding the profitability and growth of the sector, she pointed out.

While calling for increased sensitisation of the public and businesses about the importance of insurance in their daily lives, she noted that insurance still remains the last hope of survival as insurers will restore the insured back to the financial position he or she was before disaster occurred.

RELATED

Analyst Hails Senate Over Passage Of Tax Reform Bills

Tinubu Set To Assent Tax Reform Bills

6 hours ago
FAAC Shares N722.677bn For March

Federal Gov’t, States Share N1.659trn May Revenue

6 hours ago

She urged insurance firms to prioritise claims payment as this is crucial to build trust, even as she believes retail insurance is critical and key to Insurance penetration in the country.

Speaking on retail insurance and how Mutual Benefits group has penetrated that space, the managing director/CEO, Mr. Femi Asenuga, said, Mutual Benefits, right from inception, has been at the forefront of championing the campaign of deepening insurance penetration in Nigeria with retail products.

To him, “when we started, we did not start as many of our peers did in the market, because at the time we started, the practice then was companies to align or establish relationship with the brokers because brokers, for so long, have been in control of the big ticket insurance account in the country.”

Asenuga described as abnormal the huge population of the country with low insurance penetration, stressing that “at the time Mutual Benefits started, we reckoned with the major challenge the insurance industry was having at that time, and that was identifying retail insurance penetration as strategy for differentiating ourselves from other players in the market.

“This was made possible because we had to do a widespread of research, looking at what was absent in the market at that time, and our focus was mainly on served and the unserved segment of the market, and this led us into coming up with a whole lots of products – interesting, relevance and the rightful products aims at meeting the needs of the unserved segment of the market.

“Mutual Benefits was the first insurance company in the market that introduced a product that was selling at a very low price of N50 and the product was called ‘Green Shield.”

“Today Mutual Benefits is a preferred destination when you are looking for capable hands in retail insurance development and today our people are everywhere in the market being in charge of retail outlets of various insurance companies,” he stressed.

He said the training programme was one of ‘’our ways of trying to show our appreciation for your supports and for so much NAIPCO as an association has done for Mutual Benefits Assurance Group.

 


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

START EARNING US DOLLARS as a Nigerian ($35,000) monthly. Companies are sacking their workers due to AI (artificial intelligence), business owners are in panic mode. Only the smart will make it. Click here


SendShareTweetShare
Previous Post

Presidential Ticket: Finally, APC Governors Submit 5 Names To Buhari 

Next Post

Presidential Ticket: Finally, APC Govs Submit 5 Names To Buhari 

Zaka Khaliq

Zaka Khaliq

You May Like

Analyst Hails Senate Over Passage Of Tax Reform Bills
Business

Tinubu Set To Assent Tax Reform Bills

2025/06/18
FAAC Shares N722.677bn For March
Business

Federal Gov’t, States Share N1.659trn May Revenue

2025/06/18
Centre Laments Poor Presence Of CNG Outlets In North
Business

PCNGI Implements Concessionary Pricing For Mobility CNG, Unveils Framework

2025/06/18
NCC
Business

USSD Stands At ₦6.98 Per 120 Seconds As End-user Billing Begins

2025/06/18
‘Fuel Price Fall Predicted As Port Harcourt Refinery Begins Operation’
Business

Toll Fee: Petrol Scarcity Looms In S/West As Marketers Halt Distribution In Lagos

2025/06/18
Huawei Launches Scholarship, Awards Students In ICT Competition
Business

Nigeria Reclaims Global ICT Spotlight In 48-Country Council, Targeting 2.6bn Unconnected

2025/06/18
Leadership Conference advertisement

LATEST

PICTORIAL: Enenche, Wife Visit Benue Community Over Killings, Distribute Relief Materials

NEF Condemns Benue Massacre, Accuses Gov’t Of Betrayal, Inaction

Audit Reports: Senate Gives NNPCL 1 Week To Account For ‘Missing’ ₦210trn

12 Suspected Bandits Killed, Weapons Recovered In Katsina

Ex-VP Sambo’s Ally Sidi, Supporters Defect To APC In Kaduna

Tinubu Set To Assent Tax Reform Bills

Federal Gov’t, States Share N1.659trn May Revenue

Tinubu Orders Security Chiefs To Arrest Killers Of Benue People

Again, Gunmen Attack Senator Natasha’s Family Home In Kogi

UNIPORT At 50: Varsity Confers Honorary Degree On FCT Minister Wike

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.