By Amaka Obiefuna

The vitality of insurance as a needed component to the economic growth of any country took the stage at a recent capacity building workshop in Lagos.

The Non-Executive Director, Mutual Benefits Assurance Plc, Ms. Kadaria Ahmed, who spoke at the one-day training workshop themed, ‘Winning With Detail Products’ organised by the insurance company for members of the National Association of Insurance and Pension Correspondents (NAIPCO) highlighted the importance roles of insurance in economic growth of any nation.

While presenting her paper on ‘The Role of Insurance in Economic Growth’’ at the workshop which held yesterday, Kadaria said insurance provides safety and security, serves as a financial first responder and as a risk mitigator.

According to her, insurance becomes necessary to ensure financial and economic stability, because it serves as capital protectors, instrument of social policies, capital infusers and sustainers of the supply chain.

She said economically, insurance also

ensures infrastructure development, serves as

community builders, credit facilitators as well as promote innovation.

Kadaria posited that insurance has impacted considerably on Nigeria’s Gross Domestic Product (GDP) as well as ensuring the promotion of entrepreneurial activities.

Also the Chief Executive Officer of Radio Now, she 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.”

Kadaria tasked the media to report insurance beyond products and industry event but ensure people really understand the significance of insurance.

In her words: “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 for national development.

‘’Insurance activities in the country should be encouraged through continuous sensitisation of the public on the benefits of having insurance.”

She called for the government to provide an enabling environment that encourages insurance businesses.

‘’Reliable policies should be formulated around risk management as this will build trust among citizens and even attract investors,” Kadaria urged.