Leadway Asssurance Ltd is collaborating with the global reinsurance giant, Swiss Re, in championing the course of agricultural insurance awareness creation in Nigeria.
Leadway, said it was spurred to act in this direction following realisation that though agriculture is a very popular business in Nigeria, it is obvious that seven out of every 10 Nigerians live through agricultural activities, agric insurance is close to non-existence in Nigeria.
This is because over the years, despite the huge population of Nigerians who engaged in agriculture, only the federal government owned Nigeria Agricultural Insurance Corporation (NAIC) provides Agric insurance to farmers.
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The insurance services provided by the corporation is only for the few farmers who secure bank credits through the various SMEs loan scheme provided by government.
All farmers who do not access government loans are excluded from the corporation’s insurance services mainly because of ignorance and lack of driving force to compel them to buy insurance.
Against this backdrop, many farmers are excluded from agric insurance services in the country while they are frequently exposed to losses from natural risk occurrences like flood, fire outbreaks and all forms of farm diseases which often impoverish farmers and limit their chances of business growth.
But currently, Leadway assurance said it has resolved to take the opportunity of agric insurance liberalisation instituted by the National Insurance Commission( NAICOM) few years back to popularise Agric insurance among Nigerian farmers.
Zenvus zInsure will be a great solution to help the agro insurance industry in Nigeria.