AXA Mansard Insurance Plc has urged the Nigerian government and citizens to prioritize wider insurance coverage, citing its potential to bolster household and business resilience. This, according to the company's Chief Executive Officer, Kunle Ahmed, can be achieved by changing the perception of insurance from merely protecting against losses to a vital component of the country's economic infrastructure.
Ahmed made this call during the launch of AXA Mansard's pan-African 'Culture of Care' campaign. The campaign aims to connect insurance with everyday financial responsibilities, encouraging Nigerians to view protection as part of their financial planning. By doing so, households can reduce the financial impact of unexpected events, while businesses can manage operational disruptions and property losses.
The relatively low level of insurance penetration in Nigeria leaves many households and businesses exposed to risks that could wipe out savings, disrupt operations, and undermine years of investment. Ahmed emphasized that insurance is essential for economic stability, enabling people to plan for the future with greater certainty. He also noted that a stronger and more trusted insurance industry could support entrepreneurship, attract investment, and facilitate economic development.
The benefits of stronger insurance coverage extend beyond individual policyholders, as a more resilient household and corporate sector can support sustained economic activity. Ahmed linked the drive for greater insurance adoption to ongoing reforms in the sector, stressing that protection can enable individuals and businesses to take calculated risks and pursue growth opportunities.
Expanding insurance coverage will require a stronger appreciation of protection among households, small businesses, and larger enterprises. Industry operators must also build trust and make insurance more accessible. The 'Culture of Care' campaign is part of AXA Mansard's efforts to promote financial inclusion and expand access to protection, encouraging Nigerians to see insurance as a tool for preserving livelihoods, businesses, and wealth.
Ahmed stated that building a prosperous nation requires confidence, resilience, and the ability to withstand uncertainty. He added that the ultimate objective of the 'Culture of Care' campaign is to build a culture in which protection becomes part of everyday economic decision-making. This, he believes, will promote a mindset that values protection as a foundation for progress.
Stronger protection creates stronger families, stronger businesses, and ultimately a stronger economy. The campaign aims to encourage Nigerians to regard protection as part of their financial planning, reducing the financial impact of unexpected events and helping to protect hard-earned income and assets.
Key points
- AXA Mansard Insurance Plc seeks to promote wider insurance coverage in Nigeria.
- The company's 'Culture of Care' campaign aims to connect insurance with everyday financial responsibilities.
- Wider insurance coverage can support long-term economic growth and strengthen household and business resilience.
