Lagos seeks affordable policies for MSMEs

Lagos State Governor, Mr. Babajide Sanwo-Olu has urged the insurers to float products for Micro, Small and Medium Enterprises (MSMEs)

Speaking at the workshop for MSMEs on insurance for their businesses organised by National Insurance Commission (NAICOM), Sanwo-Olu noted that products should be designed to meet the needs and address the peculiarities of MSMEs.

The governor, represented by the Commissioner for Finance, Dr Rabiu Olowo, said there should be specially designed products that will meet their categories, income, operations and processes.

He stated that such policies must be affordable and free of technicality so that they would be easily understood with assurance of claims’ prompt settlement.

He noted that securing cover against unforeseen situations and losses that may threaten the growing concerns of operations must therefore be encouraged, particularly for MSMEs giving their vulnerability and likely impact on the prospect of our larger economy.

He urged MSMEs to embrace insurance as a safety net against losses they may suffer as a result of unforeseen circumstances.

The Commissioner for Insurance, My Sunday Thomas, assured of prompt claims settlement to MSMEs.

NAICOM is committed to our mandate of providing diligent oversight to the insurance sector towards ensuring prompt settlement of genuine claims when insured event occurs, he noted.