Experts Urge SMEs To Leverage Insurance Policies To Tackle Economic Challenges

By Clement Alphonsus
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Yinka Dawodu (Assistant Director, Underwriting and Marketing, Africa Re)

Professionals in the insurance industry have advised small and medium-scale enterprises (SMEs) to embrace insurance. The insurance players, who gathered at the just-concluded Coronation Insurance webinar, have explained the significant role insurance plays in ensuring financial stability, especially during challenging economic times.

While speaking during the session, Assistant Director, Underwriting and Marketing, Africa Re, Yinka Dawodu, explained more on the benefits of insurance and its role in mitigating risk, protecting assets and fostering peace of mind. Hence, he said the sector plays a critical role in insurance in ensuring financial stability.

Focusing on the current economic challenges in the country, Dawodu noted that a robust insurance strategy could be instrumental in navigating issues like inflation, foreign exchange constraints and talent flight.

Speaking at the forum, the Managing Director/Chief Executive Officer, Sam-Vic Insurance Brokers Limited, Oluwarotimi Adewole, also stressed that insurance is a liability-driven business.

Similarly, the Head of Corporate Underwriting at Coronation Insurance, Augustine Aniekwe, explained that the underwriting firm provides exceptional advisory services to ensure clients maintain adequate coverage of their property values, noting that the proactive approach helps clients to avoid underinsurance and ensures they receive the full value of their claims.

He said, “While the claims and expense inflation are correlated with the general inflation, there are also certain differences, noting that, it is important to consider the insurance-specific characteristics of the inflation to get to the claims and expense inflation."

Waste sector recognised as second highest contributor to gas emissions – LASG

The Permanent Secretary of the Lagos State Office of Environmental Services, Gaji Tajudeen, has noted that the waste sector is the second highest contributor to gas emissions in the state.

While speaking at a workshop on stakeholders’ readiness analysis and organic waste mapping which took place at the LAWMA Waste to Wealth facility in Ikorodu, Tajudeen who was represented by the Head of Climate Change Unit of the ministry, Azeezat Afinowi-Subair, expressed that the state was paying special attention to organic waste management.

According to him, “The state is paying special attention to organic waste management, the reason is not far-fetched but because of its high global warming potential.

“The waste sector is being prioritized because it is the second highest contributor to Green House Gas GHG emissions in the Lagos emissions inventory."

Whilst speaking, the Lagos C40 City Adviser, Maximus Ugwuoke, said Lagos was one of the seven African cities where C40 is supporting with the implementation of Climate action under the Urban Climate Action Programme.

Also, the managing director of Waste to Table, Greg Ohieri, later took the participants through a guarded tour of the facility through a showcase of a mini biogas plant, black soldier fly technology and a practical demonstration of the production and application of organic compost.

Lagos State Government together with C40 Cities over the weekend took actions to boost optimum crop production and practical application of compost manure to ensure optimum yield among farmers in the state.

Tajudeen further applauded the C40 cities for partnering the State government in ensuring that organic waste is converted into other valuable products such as organic compost and Biogas.

Similarly, the commissioner also thanked the farmers and horticulturists for coming out in large numbers to gain practical insights on how to produce and manage organic waste.