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In a concerted effort to enhance the resilience of Small and Medium Enterprises (SMEs) against financial risks, the Abuja Chamber of Commerce and Industry (ACCI), through its National Policy Advocacy Centre (NPAC), collaborated with the National Insurance Commission (NAICOM) and key industry stakeholders to host a high-level webinar titled “Can SMEs Still Afford the Risk of Not Insuring Their Businesses?”
The virtual event brought together policymakers, financial analysts, insurance experts, and SME representatives to explore the critical role of insurance in business continuity, economic growth, and financial security.
This was contained in a statement by Olayemi John-Mensah, ACCI Media/Strategy Officer.
In his keynote address, the Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr Olusegun Ayo Omosehin, represented by the Head of Microinsurance, Hajia Aisha Ibrahim Bashir, emphasized that insurance is a crucial risk management tool that guarantees the sustainability of SMEs.
He highlighted NAICOM’s strategic initiatives aimed at increasing accessibility, affordability, and awareness of insurance products tailored for micro, small, and medium-sized enterprises. These initiatives include Microinsurance and Takaful guidelines designed to foster financial inclusion.
Speaking on behalf of ACCI, the Director General, Mr. Agabaidu C. Jideani, underscored the importance of insurance in shielding businesses from financial shocks and ensuring operational stability. He stressed that SMEs remain the backbone of Nigeria’s economy but are highly vulnerable to unexpected disruptions such as theft, fire, and natural disasters.
“To strengthen the resilience of Nigerian businesses, we must bridge the knowledge gap on insurance by educating SMEs, dispelling common myths, and facilitating access to affordable insurance products. This collaboration between ACCI, NAICOM, and industry stakeholders is a step toward ensuring that SMEs understand and leverage insurance as a strategic tool for sustainability,” he stated.
Industry leaders, including representatives from Gulf Insurance Brokers Limited, AXA Mansard Insurance, and Winock Insurance Brokers Ltd, provided key insights on tailored insurance solutions for SMEs.
Mr. Francis Nzeh, Director at Gulf Insurance Brokers, emphasized that insurance serves as a financial safety net, protecting businesses from potential losses. He outlined key benefits such as risk mitigation, improved access to credit, and business continuity.
Chidinma Gbemileke, Head of Training Academy at AXA Mansard Insurance, called for stronger regulatory enforcement to ensure fair practices in the insurance sector. She emphasized the need for increased sensitization campaigns leveraging digital platforms and community outreach to educate SMEs on insurance benefits.
Mr. Emmanuel Edorotu of Winock Insurance Brokers Ltd urged SMEs to shift their perception of insurance from an optional expense to an essential investment. He stressed the importance of tailored solutions that address sector-specific risks and promote financial security.
The Executive Director of ACCI-NPAC, Dr Chidiebere Onwumere who organised the webinar, expressed gratitude to the leadership of ACCI for their continuous support while also commending the speakers for providing engaging insights on the importance of insurance for businesses.
Dr Chidiebere called for increased collaboration to create widespread awareness within the business community, encouraging SMEs to embrace insurance as a safeguard for their operations.
The webinar concluded with an interactive questions and answers session, where participants sought clarifications on policy options, regulatory measures, and ways to enhance insurance penetration among SMEs.
ACCI and NAICOM reaffirmed their commitment to strengthening partnerships that promote insurance awareness, drive policy reforms, and create an enabling environment for SMEs to thrive. The insights from this event will inform future advocacy efforts, policy recommendations, and industry collaborations aimed at fortifying Nigeria’s business landscape against unforeseen risks.
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