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News Update

Insurance Penetration: CIIN Stakeholders Charge Operators On Innovative Solutions For MSMEs


NEWS

11:14 am December 10, 2022

Stakeholders in the finance sector have urged insurance operators to offer tailored insurance solutions to Micro, Small and Medium Enterprises (MSMEs) to deepen insurance penetration in the country. 

A statement by Ms Chiamaka Ajeamo, Communications Manager, Chartered Insurance Institute of Nigeria (CIIN), made available to newsmen in Lagos, stated that this was part of the submissions of the stakeholders at CIIN's education seminar held in Benin, Edo, over the weekend. 

The seminar was themed, "Insurance Solutions for MSMEs: Accessing New Opportunities for Penetration." 

The statement said, Mr Edwin Igbiti, president, CIIN, described the MSMEs sector as a major pillar and contributor to the nation's Gross Domestic Product (GDP), hence insurers must help players in the sector to embrace more insurance products. 

Igbiti quoted the United Nations Industrial Development Organisation (UNIDO) as saying MSMEs accounted for 96 per cent of all business activities, contributed 50 per cent of the national GDP, and provided over 48 per cent of all employment opportunities in Nigeria. 

"The MSME sector plays strategic roles in poverty alleviation and inclusive growth through innovative and improved productivity; but unfortunately, they are highly vulnerable to risks." 

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