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Micro insurance: Mutual Benefits generates N1b monthly

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Group Managing Director of Mutual Benefits Assurance Plc, Mr. Akin Ogunbiyi, has said that the company generates a monthly income of N1 billion since July 2013 through microinsurance business.

Ogunbiyi disclosed this while presenting a paper titled: “The prospect and challenges of Micro Insurance in Nigeria” at the First Business Journal Insurance Summit and Exhibition held in Lagos.

According to him, since the introduction of microinsurance, the company has 7,000 marketers/agents, 60 offices and 109 products to deepen insurance penetration at the grassroots in the country.

He said that by April this year, it will be unveiling 35 new micro insurance products to boost the insurance penetration in the country. He noted that the company has sold over 70,000 new policies through microinsurance in the last one year, adding that microinsurance through agents is the cheapest way of selling insurance.

He said that the conventional insurance is strictly focusing on the high income earners rather than the grass root, adding that micro insurance is one of the ways that is required in closing the insurance cap in the Nigerian.

He noted that in Mutual Benefits it has learnt to develop products and policies that is people oriented rather than introduce products that are not people friendly.

Meanwhile, President of the Chartered Insurance Institute of Nigeria (CIIN) and Managing Director of Sterling Insurance, Mr. Fatai Kayode Lawal, said that the propagation of insurance education would be the bedrock for growing insurance business.

He commended the organizers of the summit for a well taught out programme, adding that if properly utilized by participants it will help to close the gap in the insurance industry.

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