AXA Mansard seeks increased insurance penetration to drive economic growth
AXA Mansard Insurance Plc says increased insurance penetration in Nigeria is essential to strengthening economic resilience, protecting livelihoods and promoting sustainable national growth.
Mr Kunle Ahmed, Chief Executive Officer of the company, said this at the launch of its pan-African Culture of Care campaign.
Ahmed in a statement on Tuesday, said the initiative was aimed at improving public understanding of insurance and encouraging more Nigerians to embrace protection for their families, businesses and assets.
He said insurance could help households recover from financial setbacks and enable businesses to manage risks and sustain operations.
“Every day, Nigerians demonstrate a culture of care through the sacrifices they make for their families, employees, customers, and communities.
“Insurance is an extension of that care because it helps protect what people have worked hard to build,” he said.
Ahmed described insurance as an important component of economic infrastructure, saying it could support investment, business growth and financial stability.
“Insurance is economic infrastructure. It helps families recover from setbacks, gives businesses the confidence to invest and grow, and supports economic stability by enabling people to plan for the future with greater certainty,” he said.
Ahmed said the Culture of Care campaign sought to connect insurance with the values of responsibility and protection already practised by Nigerians.
According to him, wider insurance adoption would help households reduce financial vulnerability and enable businesses to withstand operational disruptions, unexpected losses and emerging risks.
Ahmed said the benefits of insurance extended beyond individual policyholders to the wider economy.
“As Nigeria pursues greater economic transformation, we must build institutions and systems that make individuals, families, and businesses more resilient.
“Protection gives people confidence. Confidence encourages investment. Investment drives growth,” he said.
He also highlighted the importance of ongoing reforms in the insurance industry, saying a stronger and more trusted sector could support entrepreneurship, attract investment and facilitate sustainable economic development.
Ahmed said insurance should be viewed not only as a means of responding to risks but also as a tool for supporting progress and long-term financial planning.
He said, “Building a prosperous nation requires more than ambition. It requires confidence, resilience, and the ability to withstand uncertainty.
“Through the Culture of Care, we are helping to promote a mindset that values protection as a foundation for progress.
“Stronger protection creates stronger families, stronger businesses, and ultimately a stronger economy”.
He said the campaign formed part of the company’s efforts to promote financial inclusion, expand insurance protection and contribute to Nigeria’s economic development.
