Stakeholders from different segments of the financial sector have commended AIICO Insurance Plc and expressed their confidence in the company’s agriculture insurance policy.
They spoke during the introduction of AIICO agriculture insurance cover in Lagos.
Some of the representatives present at the event were from the agricultural sector, Nigeria Incentive-Based Risk Sharing System for Agricultural Lending, Ignitia – Tropical Weather Forecast, Institute of Loss Adjusters of Nigeria, Nigerian Insurers Association and reinsurance companies.
The Director General, Nigerian Insurers Association, Mrs Yetunde Ilori, congratulated AIICO Insurance for introducing agriculture insurance.
“I know a lot of effort had been made to realise this product and I will urge AIICO not to relent in this effort but to provide the cover for a wider range because it is an area that is worth investing in,” she said.
Ilori urged the underwriting firm to embrace partnership with other bodies, adding that agriculture and insurance sectors should be major contributors to the country’s Gross Domestic Product.
The director general also said it was cogent for the insurance industry to explore the potential of using the satellite to help them in developing agriculture underwriting.
The Group Managing Director, AIICO Insurance, Mr Edwin Igbiti, said the company was committed to supporting farmers and boosting the agricultural sector in the country.
He said that the agriculture insurance cover, which was designed to provide compensation for stakeholders in the farming industry, had got the approval of the National Insurance Commission.
Igbiti noted that agriculture insurance was not an area well explored by underwriters as the cover was hitherto restricted by regulation to a government agency.
After the law allowed other insurance companies to underwrite the risk, he said this gave an opportunity to other companies to partake in the cover.
While assuring of prompt claims payment, he said that the company would leverage its years of experience and potential to give the farmers the needed support.
Source: Punch Newspaper