NAICOM, Lagos Plan Insurance Workshop for MSMEs August 5

By Sodeinde Temidayo David

The National Insurance Commission (NAICOM) will hold a sensitization workshop for Micro, Small and Medium Enterprises (MSMEs) on insurance protection for their businesses.

The event, expected to hold on August 5, will take place at the Lagos Chamber of Commerce and Industry (LCCI) Conference Centre, Alausa, Ikeja, Lagos.

In a statement from the commission signed by the Head, Corporate Communications and Market Development, Mr Salami ‘Rasaaq, it was disclosed that the Governor of Lagos State, Mr Babajide Sanwo-Olu, will declare the workshop open and deliver a keynote address.

NAICOM stressed that it is serious about increasing insurance penetration, adoption and acceptance in the country and has been partnering with relevant stakeholders to make this dream a reality.

Since MSMEs inherently face a broad variety of risks, many of which are commercially uninsurable, the development of a special fund to provide financial support for uninsurable risks can enhance the value of insurance and contribute towards MSME industry resilience.

MSMEs access to insurance will help in modifying the risks they face by improving the building assets, absorbing shocks, and managing risks associated with irregular and unpredictable income, and this will also help in the development of the grassroots economy.

According to the insurance regulator, special regulations have been developed to improve access to insurance for low-income people but little effort has been made in insurance for MSMEs.

Nevertheless, some MSMEs need to call for insurance products that cannot be offered under the insurance regulation in Nigeria.

The regulator had earlier sensitised MSMEs as well as relevant stakeholders in Kano State and the Federal Capital Territory (FCT), Abuja, on the need to subscribe to insurance products and services and the outcome was considered successful.

To this end, NAICOM is organizing a sensitization workshop to bring together MSMEs across the entire Lagos State and its environs to learn and discuss key issues around the subject through insightful conversations with experts on the field.