65% Of SMEs Operate Without Insurance Cover

Recent statistics have shown that 65.16 percent of Small and Medium Enterprises (SMEs) operating in Nigeria have no insurance cover.
This was made known in a report collaboratively conducted by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the National Bureau of Statistics (NBS) on the status of Micro, Small and Medium Enterprises (MSMEs) in Nigeria and released recently in Abuja.
The report also revealed that 94.61 percent of micro enterprises have no insurance cover, adding that most of the enterprises are operating without legal and financial protection, a situation that accounted for the regular mortality.
Findings indicated that 95.99 percent of micro enterprises were not registered, making tracking and sensitisation by insurance companies difficult.
The Statistician General of the Federation, Yemi Kale, said MSMEs were vulnerable to shocks, adding that the lack of integration into insurance cover meant that this risk was greater.

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