AIICO Insurance positions for agric value chain

In response to the dire need for adequate insurance in protecting investments in agricultural sector, AIICO Insurance Plc is taking strategic position to be a major player in offering Agriculture Insurance in order to deliver the much needed protection to the different players in the agricultural value chain.

Having recently obtained approval of the National Insurance Commission (NAICOM) as an agriculture underwriter, AIICO Insurance is uniquely positioned to offer Agriculture Insurance to Nigerian farmers at all levels, as well as investors looking to tap into the huge potentials of the sector, through its value-based insurance propositions. The company’s competitive edge is hinged on its understanding of the exact needs of farmers through the application of knowledge and expertise in this line of insurance business.

Commenting on the company’s readiness to play in this space, Edwin Igbiti, managing director/ CEO confirmed that “NAICOM’s approval underscores the regulator’s confidence in the Company’s capacity and competence to support the Agricultural sector”.

With an average contribution of 24 percent, agriculture has remained a significant contributor to Nigeria’s GDP. Being the provider of employment for over 60 percent of the population, agriculture is pivotal  to  economic  development, and  more  of  the  efforts  to  revive  the  economy, and reduce significantly the level of poverty, should be devoted to energizing the agricultural sector.

The agricultural sector is exposed to extremely high degree of risk arising from natural factors like weather conditions, pests and diseases and other environmental forces.

AIICO Insurance Plc., a leading life insurer in Nigeria, commenced operations in 1963. It provides life and health insurance, general insurance, investment management and pension management services as a means to create and protect wealth for individuals, families and corporate customers.