AIICO Insurance Plc said it has gotten approval from the National Insurance Commission (NAICOM) to underwrite agriculture insurance.
The company said it 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 agriculture value chain.
A statement by the company signed by Ademola Adenekan, Manager, Creative Strategic Marketing and Communications recently in Lagos, said ‘with an average contribution of 24%, agriculture has remained a significant contributor to Nigeria’s GDP, adding that, being the provider of employment for over 60% 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.
In a statement, the company said the move is in response to the dire need for adequate insurance in protecting investments in agricultural sector.
Commenting on the company’s readiness to play in the space, Managing Director and Chief Executive Officer, Mr. Edwin Igbiti, said, “Having recently obtained approval 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 is 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.