AIICO to underwrite agriculture risks following NAICOM approval
Adesola Afolabi was a businessamlive reporter and Head of Financial desk.
AIICO has said it is set to protect Nigerian farmers against risk, following an approval it has received from regulator, the National Insurance Commission (NAICOM) to underwrite agricultural insurance.
The approval given to AIICO for underwriting agriculture insurance is precedent on the insurance firm’s competitive edge on understanding the exact needs of farmers, Edwin Igbiti, AIICO’s managing director and the chief executive officer said.
The firm further noted that application of knowledge and expertise in its line of insurance business will be deployed as part of moves to give protection to players of Nigeria’s agricultural sector.
“The sector is in dire need of such protection as agriculture is important to the sustenance of Nigeria’s economy. 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,” Igbiti explained.