Agric insurance carrier mulls capacity for penetration, premium growth

Nigerian Agricultural Insurance Corporation (NAIC), Nigeria’s agric insurance carrier, is fostering stronger capacity to enhance market penetration and increase premium income towards supporting government’s transformation agenda for agric sector.

Providing effective agricultural risk management, the Board of the Corporation says it has put strategies in place to drive her mandate of contributing to developing the agricultural sector for more food and employment generation

Chioma Ohakim, the company’s chairman, said after having introducing the Plant with Peace Programme (PPP) which was especially designed for small-scale farmers and backed up with adequate reinsurance programme in case of catastrophe, NAIC is concluding arrangements to develop Weather Index Insurance soon.

She assured that concerted efforts would be made to achieve improved visibility and more public enlightenment campaigns, as well as strive to make record increased returns on investment.

“Plans are underway to achieve improved corporate governance and open regional offices in frontline commercial cities of Lagos, Port Harcourt and Kano as soon as possible,” Ohakim said. In the same vein, she noted that efforts would be made to achieve speedy completion of the Corporation’s computerisation project, while also adopting concerted staff training and welfare using performance measurement system.

The NAIC boss also spoke on some of the achievements recorded by the new Board in the last one year, pointing out that a new vision, mission and core values as well as strategic business plan have been developed for the Corporation.

Our current efforts and yielding results, getting more businesses as well as receiving positive responses from some State Governments on outstanding premium subsidy.

“Staff are being trained on Change Management towards preparing them for the inevitable change which the Corporation is currently undergoing and he computerisation project of the Corporation has been revitalised and reinvigorated to further drive its business processes, she said.

According to her, successes have also been recorded on improved interpersonal staff communication, boost in staff morale, prompt claims settlement and general improvement in service delivery which helped the Corporation to surpass the total premium income generated in 2013 as at the end of the third quarter of 2014.

Established in 1988 to specifically manage the risks associated with the agricultural investments in Nigeria, the Corporation was in the grip of some daunting challenges which were hindering it from effective pursuit of its set mandate and a new board was inaugurated in September 2013.

The risk management acumen of the Corporation has continued to be evident in the volume of agricultural and general businesses insured on yearly basis since inception and the attendant claims paid.

The Federal Government, having realised the potential impact the Corporation can have in the realisation of the Agricultural Transformation Agenda (ATA), decided to further strengthen it by appointing a Board to oversee the affairs of the Corporation.

After inauguration, the NAIC boss stressed that the Board, having appraised the situation, immediately set the pace of work by appointing the vital committees that would oversee the challenging task of turning the Corporation around.