Insurer Advocates for Wealth Protection through Integration of Risk Management

The Managing Director/Chief Executive Officer of Mutual Benefits Assurance Plc, Mr. Olufemi Asenuga, has said that Nigeria must integrate risk management and insurance more deliberately into its sustainable development agenda in order to protect households, businesses, public institutions and critical infrastructure against shocks. Asenuga, stated this while delivering a plenary paper on behalf of the Group Chairman of Mutual Benefits, Dr. Akin Ogunbiyi, at the 19th Annual Research Conference & Fair of the University of Lagos recently. Speaking on the theme, “Risk Management and Insurance as Catalysts for Sustainable Development: Protecting Lives, Livelihoods and Critical Infrastructure,” Asenuga examined how insurance could help individuals, businesses and governments withstand financial shocks, preserve development gains and recover from unexpected losses. “Development is not what a nation builds. Development is what survives,” he declared, emphasising the importance of protecting investments and livelihoods against preventable and unforeseen risks. Aligning his arguments with the conference’s focus on food security, health, housing and humanity, Asenuga described insurance as an essential component of national development, rather than a peripheral financial service. He said while risk management helped to identify and reduce potential losses, insurance provided financial protection against covered events, enabling households, businesses and public institutions to recover and maintain continuity. He noted that the United Nations Sustainable Development Goals recognised the importance of resilience and financial protection, particularly Target 1.5, which promotes the resilience of vulnerable populations, and Target 8.10, which encourages access to insurance and other financial services.