The National Insurance Commission (NAICOM) has given approval to AIICO Insurance PLC to underwrite agricultural business in the country.
The company said it is taking strategic position to be a major player in offering Agriculture Insurance in a bid to deliver the much needed protection to the different players in the agricultural value chain. The firm said it 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 stated that its 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.
Speaking on the development, its managing director/CEO, Mr. Edwin Igbiti, said, ‘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 per cent, he stated that agriculture has remained a significant contributor to Nigeria’s GDP. Being the provider of employment for over 60 per cent 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, he pointed out.
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