…as operators target Alimosho for deeper penetration
Small and Medium Scale Enterprises (SME’s) industry has been seen as veritable market, still hugely untapped, that the insurance industry could take advantage of to deepen penetration.
Stakeholders are optimistic about increased growth in penetration if players in the sector could deploy resources to tap from opportunities in small and medium scale (SMEs) industries, particularly across the markets.
They believe that these sectors are the growth base of the economy, and needs financing to grow and enhance its contribution to the gross domestic product (GDP).
Therefore, much is expected as stakeholders in the insurance industry and the Alimosho business community interfaces soon, at the 2018 Alimosho Insurance Expo with the theme – “Exploring, Harvesting Insurance Potentials and Making Alimosho an Insured Business Haven”.
The event being organized by Alimosho Mail, is slated for 27th March 2018 at the De’ Cubicle Centre, KM 8, Lasu Express Way, Opposite Oba’s Palace, Isheri Olofin, Lagos, by 9am.
Abel Lazrus, managing director, Broad Perspective Limited, publishers of The Alimosho Mail, noted that Alimosho within Lagos Sate has always maintained its political position of possibilities as the most populated local government area in Lagos State [with six (6) LCDA’s] with the current estimated population of over 6 million people.
He stated also that, undeniably, a location of daily expanding growing businesses, SMEIS’s, small businesses owners, growing industries, business districts, real estates and viable land mass for investors present a huge opportunity for growth of insurance business.
According to the stakeholders, the opportunities are huge when you consider the number of SMEs, the volume of money exchanging hands in the industry particularly among the market women and men trading in the communities, whose activities need a lot of insurance protection for risk management.
They however observed that for the insurance sector to take advantage of these segments of the economy, they need to come closer to the people, create awareness, present products that match the expectation of customers and the sector will be on the path of growth.
The SMEs need to embrace risk management capabilities to grow and sustain their business, and that is where insurance needs to come in, says expert from NEXIM Bank,
The experts said insurance industry needs to develop capacity. “You don’t insure a business you don’t know. Nollywood is s new industry, so insurers need to understand the business, risk exposures of the players in the business to be able to offer risk management advices”.
According to him, these are windows of opportunity that insurers need to develop to deepen penetration, the NEXIM boss said.
“This sector needs financing, but must embrace insurance to de-risk the different financing options available to make progress”.
