The Rector of College of Insurance and Financial Management CIFM, Dr. Yeside Oyetayo, (pictured) has said a major setback for both the insurance providers and consumers is that there is no meeting point and unless this is corrected, the consumers particularly, micro, small and medium enterprises MSMEs and insurance operators will continue to play avoid approach scene.
Dr. Oyetayo said the transaction ground should be the meeting point for business interaction to make the supply side, insurance market, and the demand side, MSMEs get to know what is expected and what can be provided.
She disclosed that the survey conducted by CIFM had shown that the supply and demand side do not understand each other because they rarely cross each others path.
Dr. Oyetayo who expressed this view at the sensitisation workshop for ‘Nano’, Micro, Small and Medium Enterprises convened by National Insurance Commission at Ikeja Lagos, Thursday, August 6, told the attendees that insurance market cannot serve the critical segment of the economy if they don’t understand insurance and how it works more so, when they have not created a meeting point of both interests.
Another issue she point to is the trust deficit, she said the MSMEs know they need insurance but they don’t trust insurance would deliver on their promise when risks covered happened.
An attendee who is a farmer, Mr Moses Fowowe, relayed an experience he had making enquiries for insurance cover for produce stolen by thieves and cover for the rampant invasion of farms by armed herders, he was told there is no cover for such risks. However, brokers at the event said further discussions with groups rather than individual farmers could create a platform to discuss all risks involved and what level of protection insurance could offer, this at no cost to the farmers or any other segment of the economy they are involved in.