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INSURANCE IN NIGERIA: ENGAGING THE RIGHT PROFESSIONALS



#business #insurance #sme #nigeria

Micro, Small and Medium Enterprises (MSMEs) play strategic roles in poverty reduction and inclusive growth through innovative and improved productivity.

According to the World Bank, they represent about 90% of businesses and more than 50% of employment worldwide. Furthermore, SMEs contribute up to 40% of national income (GDP) in emerging economies.

It also estimates that over 600 million jobs will be needed by 2030 to absorb the growing global workforce, which makes SME development a high priority for many governments around the world.

However, they are highly vulnerable to risks and shocks. Insurance mitigates MSMEs’ risks but the consumption rate of this essential service by enterprises has been consistently low in the Nigerian context.

According to Sabiu Abubakar, NAICOM’s deputy commissioner for Insurance Technical disclosed that the insurance sector recorded a 6.2 percent year-on-year growth rate as at the end of March 2022 in spite of macroeconomic challenges facing businesses in Nigeria.

He said the market size of the sector also grew at 15 percent in the same period, thus standing out as one of the fastest sectoral assets expansion in Nigeria during the period. In addition he said the industry also held a commendable market average retention of 73.3 percent in the first quarter of 2022.

The big question is how we can achieve increased MSMEs survival through enhanced insurance uptake.

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