Insurer, Unitrust, underwrites agric risks following NAICOM’s approval

BY: Businessam Staf

Following the approval granted by National Insurance Commission (NAICOM), the insurance industry regulator, Unitrust Insurance Company Limited is this year underwriting agricultural risks in the country.

The company said in a statement that it received a ‘no objection’ approval which allows it to support farmers and service providers in the agricultural value chain for greater sustainability and economic growth.

The insurer has been granted permission to provide cover for Multi – perils, livestock insurance, poultry, fishery and fish farm, area yield index agricultural insurance, a statement by Swachet Iliyasu, its head, corporate communications, disclosed.

John Ijerheime, managing director and chief executive officer of the firm, noted that the agribusiness sector in the country needed insurance to remain sustainable and achieve long-term growth.

Ijerheime said stakeholders in the agricultural value chain must embrace insurance if they want to reduce risk by transferring the burden to insurers for effective risk management.

Established in 1981, it began underwriting business in 1986 and has specialisation in oil and gas; engineering; motor; marine and aviation; personal accident and travel medical assistant; workmen compensation/ employers liability; public/products liability; bonds; burglary; goods-in-transit; fidelity guarantee; professional indemnity and directors/occupiers liability.