Expert Harps On Role of Insurance In Economic Growth

L-R: 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,

The Non-Executive Director, Mutual Benefits Assurance Plc, Ms Kadaria
Ahmed, has listed the importance roles of insurance in economic growth
of any nation.
Speaking yesterday at a one day training workshop with the theme
‘’Winning With Retail Products’’ organised by Mutual Benefits
Assurance Plc for members of the National Association of Insurance and
Pension Correspondents (NAIPCO) in Lagos, she said insurance provides
safety and security, serves as a financial first responder and as a
risk mitigators.
Ms Kadaria who was speaking 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,
according to her, is to ensure infrastructure development, serves as
community builders, credit facilitators as well as promote innovation.
In Nigeria, 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.
Ms Kadaria who is also the Chief Executive Officer of Radio Now, noted
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.
‘’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 stated.
She charged the media to report insurance beyond products and industry
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.
‘’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.’’ she advocated