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Sanlam gets NAICOM approval to underwrite Agric risks

Sanlam General Insurance records N11.4bn gross written premium

Sanlam General Insurance Nigeria Limited has secured approval from the National Insurance Commission (NAICOM) to underwrite agricultural risks.

In a statement made available to BusinessDay, Bode Opadokun, the managing director of the company explained that NAICOM’s approval to underwrite agricultural insurance will further position Sanlam General Insurance Nigeria Limited to broaden its product offerings and deepen insurance penetration in Nigeria.

According to him, Sanlam General Insurance Nigeria Limited products are competitively priced without sacrificing quality and the company remains flexible as it has carefully considered each client’s unique need in order to develop fit-for-purpose products.

On claims payment, Opadokun said: “We consider prompt claims processing and settlements as critical success factors to our business model as this is a cardinal part of our strategy to ensure customer satisfaction at all times”.

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The insurer disclosed that the risk mitigation services it offers cut across the entire agricultural value chain and some of the products it offers. The products include multi-peril crop insurance, area yield index insurance, weather index insurance, livestock insurance, poultry insurance, agricultural goods in transit insurance, farm property and produce insurance (Agro produce in warehouse and farm machinery).

Over the years, Sanlam General Insurance Nigeria Limited Agric Insurance offers products that protect farmers across the agricultural value chain against the insured perils of fire, flood, drought, windstorm, pests, and diseases.

In a bid to have significant agricultural productivity, the company brings into the sector unique value propositions such as human assets, experience, and professionalism, deployment of bespoke products and services as well as prompt claims payment.