In its bid to drive Agriculture Insurance in Nigeria to the next level and
To provide farmers with necessary financial protection against losses in their farmland or their agricultural produce, KBL Insurance Limited has secured the approval of the National Insurance Commission (NAICOM) to underwrite agricultural risks in the country.
The ‘no objection’ nod will enable the organisation to support farmers and service providers in the agricultural value chain for greater sustainability and economic growth.
With this approval, the underwriter has introduced poultry Insurance, Multiperil Crop Insurance, Livestock Insurance, Fish Farm Insurance, Farm Property and Produce Insurance as well as Area Yield Index Based Agric Insurance, to mention a few.
Whether by natural perils or some unforeseen disasters that affect profitable productivity, such as drought, excessive moisture, hail, frost, wind and wildlife, and other diseases, the underwriter has said adequate relief is now in place for practitioners in the Agro Business Industry in the country, when the unexpected happens.
Speaking to participants at the Poultry Association of Nigeria’s 2023 South East Poultry Summit and Expo, held in Enugu Southeastern Nigeria, the Head, of Agric Insurance at KBL Insurance Limited, Chris Nwachukwu Ezea, said:
“What we are bringing to the market is in alignment with our Company’s strategic objectives and core values. We give our clients first-class treatment that they have never seen elsewhere. It is in tandem with our critical business pillars of professionalism, proactiveness, and prompt response to requests as well as timely settlement of claims.” Nwachukwu also assured the firm treats clients’ farms with a high sense of duty and ownership responsibility and, it is ever ready to offer farmers adequate recommendations and support.
The Managing Director, and Chief Executive Officer of KBL Insurance Mrs Ukachi Orji, said the underwriter is motivated by providing lasting solutions and sustainable options to Nigerian farmers, whose businesses over the years, have faced a lot of difficulties, particularly lack of access to funds.”
Orji stressed, that we think it is a double jeopardy for the farmer, who amidst this situation, occasionally suffers disasters such as wildfire, pest attacks, and some loss of crops and animals among others. KBL’sAgro Solutions are the answers to these long years of waiting, by our farmers. “We are here to lend them the shoulders to lean on, and cushion the effects of their various losses”, she guaranteed.
Agro-insurance is a crucial financial tool that provides coverage against agricultural risks, such as crop failure, pest infestation, or extreme weather events. Nigeria, known as the “Giant of Africa,” has a vast and diverse agriculture sector, contributing its numbers to the country’s economy. It is said to currently contribute merely about $16m (N7.52b) to the Gross Written Premium (GWP) of the insurance industry in Nigeria. As of today, about 14 insurance underwriting companies in Nigeria are actively providing Agriculture Insurance. Recent governments in Nigeria have made significant efforts towards the enactment and development of various policies about diversifying and commercializing agriculture through deliberate special intervention programmes, to improve the lives of the citizenry at both micro and macroeconomic scales.
