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NAIC to promote climate risk services to farmers


Farm workers on farm Image: Reuters

Farm workers on farm Image: Reuters

THE Nigerian Agricultural Insurance Corporation (NAIC) has put in place plans to provide insurance and other climate smart risk management services to the Nigerian farmers at a minimal costs, using electronic platforms and products that will mitigate risks mostly attributable to climate change which may tend to weaken or impact negatively on the gains made in agriculture in Nigeria.

The Managing Director and chief executive, Bode Opadokun, presenting the one year scorecard in an interactive meeting with journalist in Lagos said, we intend to implement underwriting of weather index Insurance in Nigeria with the support of donor agencies and international Reinsurance organisations.

According to him, the Corporation’s goal is to continue to play the leadership role in the agricultural insurance and general insurance business through a deep commitment of service excellence to our clientele. In achieving this, we intend to gain deeper insights into customer’s specific needs and learn to deliver the relevant products to the right types of customers, at the right price and at the expected level of service. We will therefore continue to review our business process and models in order to build resilience and achieve this laudable goal.

Besides, he said, we plan to increase the number of insured farmers from the current 2,000,000 to as high as 5,000,000.

Besides, we will continue the deployment of a fully functional, efficient and effective ICT system in the development, distribution and sales of insurance products and services to all categories of farmers and other clientele in our insurance portfolio.

We shall continue to cultivate and maintain strategic alliances with Insurance brokers and underwriting firms for the marketing of our insurance products and services through their platforms and distribution channels, he said.

According to him, the corporation will upgrade our offices in the commercial cities of Kano and Port Harcourt to control offices with a view to improve on our services and also harness the business opportunities in these cities and environs.

Also, we will increase our share of the general insurance business market with a view to support the required growth of the Corporation in terms size and activities. Increase the corporation’s premium income by 40 per cent this year.

The agricultural services unit will be strengthened with well trained personnel and provided with the required working tool to assist farmers in increased food production.

The NAIC boss said “NAIC has the experience of being the foremost insurer of agricultural related risks for over the past two decades. It remains our utmost intention to remain the market leader in this regard. As such, we will continue to provide adequate insurance cover using various customized products, across the entire agricultural value chain for all risks. This to ensure that the huge financial investment in Agriculture remains protected”.

It is therefore advised, he said, that all agricultural investors across the value chain either at micro, medium or large scale take advantage of NAIC expertise and experience in underwriting these risks, by using either the PPP insurance programme or any other insurance products must suitable for their risk exposure to ensure that their huge investments in these chains remain protected.

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