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Insurer gets NAICOM’s nod to underwrite agric business

By Bankole Orimisan
28 December 2020   |   3:58 am
Universal Insurance Plc has secured the approval of the National Insurance Commission (NAICOM) to underwrite agricultural risks.

Universal Insurance Plc has secured the approval of the National Insurance Commission (NAICOM) to underwrite agricultural risks.

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.

Among the products approved for the insurer are fishery agricultural insurance plan and poultry agricultural insurance plan.

The Managing Director/Chief Executive Officer of the firm, Benedict Ujoatuonu, stated that the agribusiness sector in Nigeria needs insurance to remain sustainable and achieve long-term growth.

In a statement, he said stakeholders in the agricultural value chain must embrace insurance if they want to reduce retained risk by transferring the burden to insurers for effective risk management.

With the approval, Universal Insurance Plc is now well-positioned to broaden its product offerings to consumers in line with the federal government’s objective to deepen insurance penetration.

Universal insurance poultry policy covers the death of the poultry animals resulting from accident or disease while the fishery policy covers loss of fish and cost of reconstruction of fish ponds in the event of a collapse.