The Managing Director and Chief Executive Officer of Mutual Benefits Assurance Plc, Olufemi Asenuga, has called for greater integration of risk management and insurance into Nigeria’s sustainable development agenda to protect households, businesses, public institutions and critical infrastructure against unexpected shocks.
Asenuga made the call while presenting a plenary paper on behalf of the Group Chairman of Mutual Benefits, Dr Akin Ogunbiyi, at the 19th Annual Research Conference and Fair of the University of Lagos.
Speaking on the theme, “Risk Management and Insurance as Catalysts for Sustainable Development: Protecting Lives, Livelihoods and Critical Infrastructure,” he highlighted the role of insurance in helping individuals, businesses and governments manage financial risks, preserve development gains and recover from unexpected losses.
He stressed that national development should not be measured solely by the infrastructure and assets a country builds, but also by its ability to protect those investments against preventable and unforeseen risks.
“Development is not what a nation builds. Development is what survives,” Asenuga said.
He argued that embedding risk management and insurance in development planning would help strengthen resilience, safeguard livelihoods and support the long-term sustainability of investments in critical infrastructure.
The presentation underscored the importance of using insurance as a tool for financial protection and recovery, particularly as households, businesses and public institutions face risks that can undermine economic progress.
