Leadway Assurance, in partnership with Pula Advisors and Heifer International, is offering Nigerian crop farmers a ‘Pay-at-Harvest’ insurance scheme, to safeguard their livelihoods against increasing threats of climate change and global warming.
Pula Advisors is a leading insurtech focused on agricultural insurance and technology solutions while Heifer International is a development organisation working to end hunger and poverty around the world.
The “Pay-At-Harvest” insurance scheme, designed to shield crop farmers from the unpredictability of weather risks, especially climate-induced risks, stands out as the most effective protection package for smallholder’s crop farmers in the country.
This innovative insurance product, according to Leadway Assurance, allows farmers to access insurance coverage without the financial pressure of upfront payments, noting that, “Instead, premiums are deferred until the harvest period, when the farmers are in a strong financial position to make payments after selling their produce or from the insurance compensation paid to them by Leadway after the occurrence of a loss.”
This scheme offers protection against unpredictable weather events like floods, droughts, pest/diseases, prolonged dry spell, excessive rainfall, among there,. ensuring that farmers continue to thrive despite climate challenges.
At a recent webinar organised by Leadway Assurance themed ‘Climate Change: The Evolving Future of Agribusiness,’ the head, Regional Technical Services and Agric. Insurance at Leadway Assurance, Ayoola Fatona, highlighted the critical importance of insurance in supporting farmers facing the harsh realities of climate change. He emphasised that, the ‘Pay-At-Harvest’ scheme is a lifeline for smallholder crop farmers, providing them with a financial safety net.
“Climate change poses significant risks, particularly for those in the agricultural sector. Our Pay-at-Harvest model ensures that farmers are covered without the stress of immediate premium payments, allowing them to focus on what they do best, producing food for the nation,” said Fatona.
Similarly, country director of AGRA, Rufus Idris, reiterated the necessity of insurance as a critical tool for farmers to protect their investments and mitigate climate risks, noting that insurance is no longer a luxury but a fundamental need for farmers navigating the challenges posed by climate change.
Leadway’s partnership with Pula Advisors and Heifer International in delivering this innovative insurance solution reflects the company’s commitment to supporting the agricultural sector and promoting resilience among Nigeria’s farmers.
As climate change continues to affect traditional farming practices, the insurer said, the scheme is positioned as the best package to protect crop farmers’ investments, ensures the sustainability of the nation’s food supply and the strengthening of its food systems.
