The Cross River State Microfinance and Enterprise Development Agency, CRSMEDA, has commenced the screening of leading insurance companies operating in the state as part of efforts to protect Micro, Small and Medium Enterprises, MSMEs, against disaster-related losses.
The initiative follows a recent fire incident that destroyed several businesses in the state, leaving affected entrepreneurs with significant financial losses.
The Director-General and Chief Executive Officer of CRSMEDA, Great Ogban, said the assessment was part of the state government's broader efforts to strengthen the financial resilience and sustainability of small businesses.
Ogban said the agency is seeking insurance providers capable of offering affordable, comprehensive and business-friendly coverage to MSMEs.
He disclosed that eligible businesses would be enrolled in selected insurance schemes at no cost to the business owners, describing the intervention as a strategic safeguard against unforeseen incidents.
According to him, the screening will focus on the scope of coverage, affordability, responsiveness and security guarantees offered by the insurance companies.
The firms currently being evaluated include Fortis Global Insurance, Leadway Assurance, AXA Mansard and International Energy Insurance Plc.
Ogban said CRSMEDA would select providers whose policies offer the strongest protection and adequately address the peculiar needs of MSMEs in Cross River State.
He added that the initiative goes beyond responding to recent disasters, as it seeks to establish a sustainable risk-management framework that would enable businesses to recover more quickly from future shocks.
The CRSMEDA boss maintained that stronger insurance protection would help stabilise the state's enterprise ecosystem, protect jobs and create a more resilient environment for entrepreneurship and investment.
