How millions of Nigerians get retail insurance – Asenuga

The Managing Director/CEO of Mutual Benefit Assurance Limited, Mr Femi Asenuga, has said millions of Nigerians are now accessing insurance via retail insurance window. He said this was because retail insurance was affordable and easy to access, adding that even low income earners could access insurance without stress. Mr Asenuga stated this during a capacity […]

The Managing Director/CEO of Mutual Benefit Assurance Limited, Mr Femi Asenuga, has said millions of Nigerians are now accessing insurance via retail insurance window.

He said this was because retail insurance was affordable and easy to access, adding that even low income earners could access insurance without stress.

Mr Asenuga stated this during a capacity building interactive session with journalists.

He said retail insurance was a key strategy that the company had adopted to drive insurance penetration into the market.

Asenuga said his company had the largest retail marketing team in Nigeria, with specialised products addressing the needs of various segments in the market.

He further said, “Our target is on the unserved and underserved in the market and we have been able to provide products that meet and satisfy their needs over the years.”

He called on stakeholders of the insurance industry to intensify effort in deepening insurance penetration leveraging retail insurance.

He added that Mutual Benefit had from its inception targeted the unserved and underserved populations of the Nigerian market.

He said, “We were the first to come out with products selling at a unit price of N50, although it is rebranded now, we are the largest retail market team today.”

Speaking on insurance penetration, he lamented that, “It is abnormal to have such a huge population and a shallow penetration of the insurance business.

A media entrepreneur and television host, Ms Kadaria Ahmed, who spoke at the event, said insurance activities in the country should be encouraged through continuous sensitisation.

She said, “Reliable policies should be formulated around risk management as this will build trust among citizens and even attract investors.