Underwriting firm, Mutual Benefits Assurance Group has assured its customers and partners of the company’s plan to meet the industry recapitalisation requirement for its life and general business by June 2020.
Akin Ogunbiyi, chairman of the Company who disclosed this when the company hosted its customers recently said the recapitaliation exercise in the industry has come to stay, stating that the Company has put all machineries in motion to achieve it by June 2020 target.
He said that the group has been able to recapitalize its subsidiaries: Mutual Benefits Niger; Mutual Benefits Liberia, Mutual Benefits Microfinance bank and believe that Mutual Benefits Life and General Insurance will not be left out.
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He however called on National Insurance Commission ((NAICOM), to focus more on enforcement, noting that enforcement will help to increase insurance awareness and increase penetration.
He explained that is not enough to increase capital base but the industry needs the commission to do more by ensuring enforcement is taken seriously.
On the company’s five years strategic plan set in 2017, he said it been achieved to over 60 percent.
He however noted that the recapitalization process has slowed the plan, but however assured that the strategic plan will commence at the end of the recapitalization process.
Poised to remain true to claims payment, the managing director/CEO, Mutual Benefits Assurance Plc, Femi Asenuga, announced that the Company paid a total of N21.54billion in 2019.
He said the company is committed to prompt claims payment to policyholder, adding that the company has plans to grow both its top line and bottom-lines.
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