Assessment of Challenges Faced by Female Entrepreneurs in Accessing Micro Insurance in Lagos State, Nigeria.

Abstract

Entrepreneurs play crucial roles in the growth of any economy and the Nigerian economy is no exception. They play these roles through the production of goods and services, employment of citizens of the country, payment of taxes to the government, etc. Some of these activities are grouped under entrepreneurship or entrepreneurial activities. Entrepreneurship or entrepreneurial activities are therefore essential for economic development of any nation. The study focused on the assessment of challenges faced by female entrepreneurs in accessing micro insurance in Lagos state, Nigeria. The main of objective of the study is to examine the challenges female entrepreneurs face in accessing micro insurance protection while the specific objective is to identify the challenges which female entrepreneurs encounter in accessing micro insurance policies in Nigeria. Descriptive survey research design would be used for this study to empirically investigate the impact of micro insurance on performance of female entrepreneurs in Lagos State. Descriptive research operation focuses on the explanation of the characteristics of individuals. 120 copies of the questionnaire were administered to the respondent who were randomly selected by the researcher. This concluded that obstacles that prevent women owned enterprises from accessing micro insurance in Lagos state, Nigeria are lack of awareness of micro insurance, societal attitudes and norms, gender discrimination, illiterate and confined most about the benefits of micro insurance and cultural practices and the belief system. The study recommends that the identified challenges that inhibits women owned enterprises from accessing micro insurance should be corrected so as to allow women owned enterprises have access to micro insurance. The study also recommends that the regulatory agency, the National Insurance Commission, should come out with regulatory guidelines that would made the conventional insurance companies to create departments for them to provide the SMEs with insurance protections for their pure risks.