The Group Managing Director, Mutual Benefits Assurance Plc, Mr. Akin Ogunbiyi has reiterated the firm’s commitment to the development of retail insurance in the industry.

In an interview with our correspondent, he noted that retail insurance policies would help to alleviate the sufferings of the low income earners and add value to them.

Ogunbiyi said, “We are out to ensure that insurance is available on the table of everybody in the country, we know the significance of insurance and what it can actually do for the national economy.”

According to him, this segment of the market has become a major source of growth for the firm in the last few years.

He stressed the need for operators to pay more attention to the development of retail insurance, just as corporate businesses had been receiving attention in the industry.

Ogunbiyi said, “I can tell you it is really capital intensive, it takes a lot of expertise, but the reward is that of a multiplier effect when you get it right, so we are happy to do what we are doing, it is rewarding, we will surely do more in the area of retail insurance and in increasing insurance penetration.”

For this reason, he said that the company would continue to support the National Insurance Commission in the development of the statutory policies being enforced by the Market Development and Restructuring Initiative.

According to him, the development of these policies will help in deepening insurance in the country as well as enhance its contribution to the Gross Domestic Product.

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