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KBL Insurance gets NAICOM nod for agric insurance

KBL Insurance gets NAICOM nod for agric insurance

Underwriting firm, KBL Insurance Limited in its determination to expand its market reach through the agricultural space has secured the National Insurance Commission (NAICOM)’s go-ahead nod to provide services in that sector.

With this approval, the firm has introduced poultry Insurance, Multiperil Crop Insurance, Livestock Insurance, Fish Farm Insurance, Farm Property and Produce Insurance as well as Area Yield Index Based Agric Insurance, which will enable it to take agricultural insurance to the next level and provide farmers necessary financial protection against losses.

Read also: KBL Insurance sees market penetration rise on industry-wide initiative

Whether by natural perils or some unforeseen disasters that affect profitable productivity, such as drought, excessive moisture, hail, frost, wind and wildlife and other diseases, the underwriter said there is adequate relief now in place for practitioners in the Agro Business Industry in the country, when the unexpected happens.

Addressing participants at the Poultry Association of Nigeria’s 2023 South-East Poultry Summit and Expo, which held recently in Enugu South-eastern Nigeria, Chris Nwachukwu Ezea, head, Agric Insurance at KBL Insurance Limited said:

“What we are bringing to the market is in alignment with our Company’s strategic objectives and core values. We give our clients first-class treatment that they have never been seen elsewhere. It is in tandem with our critical business pillars of professionalism, proactiveness and prompt response to requests as well as timely settlement of claims.”

Nwachukwu also assured the firm treats clients’ farms with a high sense of duty, and ownership responsibility and, it is ever ready to offer farmers adequate recommendations and support.

Ukachi Orji, managing director, and chief executive officer of KBL Insurance Limited added:“We are motivated by our drive to bring our specialists’ touch to providing lasting solutions and sustainable options to Nigerian farmers, whose businesses over the years, have faced a lot of difficulties, particularly lack of access to funds.”

She further stressed, “we think it is a double jeopardy for the farmer, who amidst this situation, occasionally suffers disasters such as wildfire, pest attacks and some loss of crops and animals among others. KBL’s Agro Solutions are the answers to these long years of waiting by our farmers. “We are here to lend them the shoulders to lean on, and cushion the effects of their various losses”, she guaranteed.

Agro-insurance is a crucial financial tool that provides coverage against agricultural risks, such as crop failure, pest infestation, or extreme weather events.

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Nigeria, known as the “Giant of Africa,” has a vast and diverse agriculture sector, contributing its numbers to the country’s economy. It is said to currently contribute merely about $16m (N7.52b) to the Gross Written Premium (GWP) of the insurance industry in Nigeria. As of today, about 14 insurance underwriting companies in Nigeria are actively providing Agriculture Insurance.

KBL Insurance Limited said it recently disbursed various sums of money to individuals and organisations to the tune of N1, 991,051,388.85 as various claims settlements in the recent time.