Small and Medium Enterprises (SMEs) play an important role in the Asia economic development. They contribute between 20% to 50% of the GDP growth and employ half the workforce and account for over 90% of all enterprises.
In the era of globalisation, SMEs continue to face greater uncertainties and with changing market conditions, the challenges are even greater. And SMEs don’t need to be alone as insurance companies do offer value-added strategic advice on managing risks to survive and grow the business in the face of escalating and unpredictable risks.
Asia Insurance Review as the voice of the insurance industry of Asia, is organising this first ever Summit on Insurance for SMEs to provide a platform for SMEs to understand the fundamental importance of cost effective risk management and the role insurance can play to help manage the unpredictable risks faced. Insurance is a necessary investment and not an ancillary cost. Insured SMEs are less vulnerable to financial losses in the face of a disaster. This is the truth of the world.
Insurers can be an SME’s strategic partners to help protect their assets such as reputation, employees, equipment and Technology as well as offer strategic advice in risk management and coping with tough times in the aftermath of a natural disaster or industrial accident. This is what insurers do best: “To be your strategic partner to manage your risks”. And what’s more insurers can step in with business interruption covers to indemnify SMEs against losses beyond their control be it caused by errors or omission of its staff; shoddy equipment or infrastructural defects; injuries or accidents; and floods, storms, earthquakes or strikes.