Celebrating MSME Day, Insurance Dares

Proshare

Monday, June 28, 2021 / 5:38 PM /  OpEd By Ekerete Ola Gam-Ikon / Header Image Credit: Ecographics


Proshare Nigeria Pvt. Ltd.


Quite easily, insurance companies and practitioners as well as analysts discuss the next big thing for the industry as microinsurance, retail insurance, inclusive insurance, personal lines, Takaful and most recently, Insurtech and digital insurance. One could say, so many names for one agenda, which is to get the Micro, Small and Medium Enterprises (MSMEs) into the insurance net.

 

In Nigeria, for nearly five years, we have read and heard about the 41 million MSMEs that are contributing to the growth and development of our economy, whilst remaining the largest employers of labour. So, it keeps amazing me that the two sectors - insurance and MSMEs are not yet married.

 

In my attempt to find out why both have not met, I discovered that:

  • They have not been introduced. History has yet to reveal the meetings between the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and National Insurance Commission (NAICOM), Nigeria Insurers Association (NIA) or Nigerian Council of Registered Insurance Brokers (NCRIB) despite the resolve of the latter to grow the market through the insurance of micro enterprises and small businesses;
  • There is no law that compels MSMEs to have insurance policies. Insurance operators are used to providing insurance cover for entities that are within the bracket of those compelled to do insurance, and are challenged to show value that would attract MSMEs. A few attempts to invite and engage MSMEs have been seen recently by a couple of insurers and we will be watching how they win into the years ahead;
  • With the recent Certification Program for Business Development Services Providers (BDSPs) by SMEDAN, there will be the problem of not accepting the Certification of Insurance Agents by NAICOM, even if the conversation starts today. Given the responsibilities of BDSPs, which gives them priority access to MSMEs, it will be interesting to see how insurers will reach their new targets, especially with the competition brought by the banks.

 

The insurance sector needs to engage the MSMEs and offer them solutions to the problems they have with managing their risks.

 

Now is also a good time for MSMEs to look for the right channel to transfer the risks they cannot keep.

 

In this season, no one is living with risks they can transfer.

 

Happy MSME Day!

 

About The Author 

Ekerete Olawoye Gam-Ikon, MNIM, CPP, is a management consultant with a specialization in Strategy and Insurance. You can contact him via e:mail olagamola@gmail.com and mobile +234-806-648-1111 


Proshare Nigeria Pvt. Ltd. 


Related Articles by Author 

  1. The Battle for Numbers: Going with 1.03m Individual Policyholders
  2. Time for Insurance to be Made Part of Our National Emergency Management Plan?
  3. Living Without Insurance Amid Insecurity
  4. Thinking of an Insurance Policyholder as a CEO
  5. Could We Have Saved UNIC Insurance?
  6. For a Better Tomorrow, Insure Today
  7. Why Insurance is Still Confusing to Many Nigerians
  8. Will You Buy Insurance Today?
  9. The Cost of the Protests to the Insurance Industry
  10. Customers Expectation and the Insurance Industry in A New Normal
  11. Our Youths, Insurance and the Future
  12. Cyber Insurance - Its Relevance in the Emergent Cyber Ecosystem
  13. Rethinking Insurance as a Social Service
  14. AfCFTA: A Call to Action for the Insurance Sector - OpEd
  15. How Insurance Can Help us in 2021 and Beyond
  16. The Olden Days of Insurance versus The New Digitizables - OpEd
  17. Why Corporate Insurance Business Thrives - OpEd
  18. Is Missing the Recapitalisation Deadline a Death Sentence?
  19. Is Insurance All About Claims?
  20. The Protests and the Challenges for Conventional Insurance 
  21. Facts and Factors Behind Your Insurance Policies 
  22. Recapitalization: Types, Sizes and Shapes of What to Expect 
  23. Nigeria Celebrates 60, Insurance Sings 
  24. Financial Inclusion-Changing the Strategy for Growing Risk Protection 
  25. How Policyholders' Complaints Are Improving Service in Insurance 
  26. Three Areas Digitization Will Transform Insurance 
  27. Is Insurance a Government-led Private Business in Nigeria? 
  28. Insurance: Switching from Hard Sell to Soft Sell 
  29. Protecting Us Through Insurance of Public Buildings 
  30. The Battle of Principles: Insurance Versus Business 
  31. Insurance: Leading through Women 
  32. Insurance Sector: Drawing Lessons From Others 
  33. Insurance Sector Leadership Changes and PolicyHolders' Expectations 
  34. Value Will Sell Faster And Longer 
  35. Democratize Insurance, Empower Citizens With Information 
  36. Has the Insurance Act 2003 Made Nigerians Poorer These Past Five Years? 
  37. Insurance Is For Others, Not You 
  38. Can Insurance Lead Nigeria's Economic Stabilization? 
  39. 20.Crisis of Identity Management, COVID-19 And Insurance 
  40. The Stalemate of Claims Payment 
  41. 22.Is Insurance the Silent Guardian for Nigeria? 
  42. 23.Insurance Before And After The Virus 
  43. 24.Insurances You Have, Unknown to You 
  44. Insurance of Stolen Properties 
  45. Insurance, Loved by Accident 
  46. Fires, Markets and Insurance 
  47. The Road Called Recapitalization? 
  48. Making Insurance Work in Nigeria: Structural Realignment Required 
  49. 30.What's A Support System Without Insurance? 
  50. 2019 - The Year of More Insurance 
  51. 32.Insurance Recapitalization: Four Reasons Why NAICOM Should Be Transparent 
  52. 33.Insurance - Good Product, Served Poorly 
  53. 34.Why Fake Insurance Thrives in Nigeria 
  54. 35.Rebuilding Trust In Insurance Relationships 
  55. 36.Insurance and Nigeria's Budget of Sustaining Growth and Job Creation 
  56. 37.Making Claims Payment the Basis Of Performance Measurement In The Insurance Sector 
  57. 38.5 to 9 Insurance Questions for Nigeria at 59 
  58. 39.Insurance Broking: Is Diminishing Returns Setting In? 
  59. 40.An External Memo To The President: How The Insurance Sub-Sector Can Help 
  60. Where Are The Insurance Amendment Bills Of 2008 And 2018? 
  61. 42.Kidnapping Insurance: Is It Hot In Nigeria? 
  62. 43.The Insurance Sub-Sector: Its Challenges As Opportunities For All 
  63. 44.Funeral Insurance - Bridging The Divide Between Culture and Financial Planning 
  64. 45.Insurance Recapitalization in Nigeria: What Policyholders Should Do Now! 
  65. 46.Nigeria: New Minimum Paid-Up Share Capital Policy For Insurance And Reinsurance Firms 
  66. 47.The Benefits of Standardizing the Insurance Industry 
  67. 48.Microinsurance And The New National Minimum Wage 
  68. 49.Insurance In Nigeria: Approaching 2020 Without Digital Solutions? 
  69. 50.PMB's Second Term and Buharinsurance 
  70. Meeting The Insurance Needs Of Digital Natives 


Proshare Nigeria Pvt. Ltd. 


Related News - Insurance

  1. 6 Things to Know About Buying 10-Year Life Insurance
  2. NAICOM Blindsided, NIA Acts, Expels IGI and 2 Others from its Membership
  3. Heirs Holdings Enters Insurance Market - Promises Insurance Revolution
  4. AXA Mansard Deepens Insurance Penetration in Nigeria; Creates Business Opportunity
  5. Airtel Nigeria Partners AXA Mansard to Unveil Mobile Health Insurance via USSD - *987*7#
  6. Expanding Africa's Insurance Sector with Mikir Shah, CEO, Africa Specialty Risks
  7. Defaulting Insurers Selling Assets Over Outstanding Claims - NAICOM
  8. Insurance Sector Update: Recapitalisation... Another Dead End?
  9. Insurance Recapitalization: The Quest for Efficiency
  10. Nigeria's Insurance Industry Needs A Policy Roadmap - Ekerete Ola Gam-Ikon


Proshare Nigeria Pvt. Ltd.


Related News - MSME Start Up

  1. Ecobank Partners Lagos State Employment Trust Fund To Support MSMEs In Lagos State
  2. AUDA-NEPAD and Ecobank Group Partnership Moves to Finance Phase Under the 100,000 MSMEs Initiative
  3. AfDB Invites Business Enablers to Apply for Funding to Support Women Entrepreneurs
  4. Nigerian Businesses: 618 Bees, Emblue, And Gbemisoke Featured In Global PRCA Case Study
  5. Role of SMEs in Driving Economic Recovery in Nigeria Through Markets and Intellectual Property
  6. JA Nigeria Partners for Growth, Empowers Young People and Grooms Digital Entrepreneurs
  7. Call for Proposals for Small and Medium Enterprises in Nigeria
  8. MSMEs: A Path to Recovery
  9. Ecobank Nigeria Launches Radio Programme for SMEs
  10. Why The FG Should Work With Clusters On MSME Interventions - Ayo-Bankole Akintujoye

Proshare Nigeria Pvt. Ltd.
READ MORE:
Related News
SCROLL TO TOP