The Cross River State Microfinance and Enterprise Development Agency (CRSMEDA) has commenced a preliminary review of leading insurance companies operating in the state as part of efforts to strengthen protection and financial resilience for Micro, Small and Medium Enterprises (MSMEs).
The initiative follows the recent devastating fire incident that destroyed several businesses in the state, leaving affected entrepreneurs with significant financial losses and hardship.
Speaking on the development, the Director-General and Chief Executive Officer of CRSMEDA, Great Ogban, said the evaluation formed part of the state government’s broader commitment to protecting small businesses against unforeseen risks and ensuring their sustainability in the face of disasters.
Ogban explained that the agency was assessing the insurance firms to identify underwriters capable of providing MSMEs with affordable, comprehensive and business-friendly insurance coverage.
He disclosed that eligible small businesses would be enrolled in selected insurance schemes at no cost to the business owners, describing the intervention as a strategic safeguard designed to cushion entrepreneurs against losses arising from unforeseen incidents.
According to him, the screening process would consider the scope of coverage, affordability, responsiveness and the overall security guarantees offered by the respective insurance providers.
He said the initiative was particularly important given the vulnerability of small businesses to unexpected disasters, which could wipe out years of investment and threaten the livelihoods of business owners and their employees.
The insurance companies currently being evaluated include Fortis Global Insurance (FGI), led by its Unit Manager, Anthonette Odey; Leadway Assurance, led by its Branch Manager, John Orisa; AXA Mansard, represented by its Business Development Lead, Ubong Edet; and International Energy Insurance (IEI) Plc, represented by its Head of Business Development, Cross River State, Grace Ikpa.
Ogban said CRSMEDA would select insurance providers whose policies offered the strongest protection and were most responsive to the peculiar needs of MSMEs in the state.
He stressed that the initiative was aimed not only at responding to the consequences of recent disasters but also at establishing a sustainable risk-management framework that would protect businesses from future shocks.
The CRSMEDA boss maintained that strengthening insurance protection for MSMEs would contribute to the stability of the state’s enterprise ecosystem by helping affected businesses recover faster whenever unforeseen incidents occur.
He said the intervention underscored the state government’s commitment to creating a safer and more resilient environment for entrepreneurship, investment and sustainable business growth in Cross River State.
By Kingsley Agim
