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Unitrust Insurance gets NAICOM nod to play in agricultural space

Unitrust Insurance gets NAICOM nod to play in agricultural space

Unitrust Insurance Co. Ltd has secured the approval of the National Insurance Commission (NAICOM) to underwrite agricultural risks beginning this year 2022. The ‘no objection’ nod will enable the organisation to support farmers and service providers in the agricultural value chain for greater sustainability and economic growth.

Among the products approved for the insurer are Multi -Perils, Livestock Insurance, Poultry, fishery and Fish Farm, Area Yield Index agricultural insurance

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John Ijerheime, managing director/CEO of the firm, stated that the agribusiness sector in Nigeria needs insurance to remain sustainable and achieve long-term growth. In a statement, he 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.

With the approval, Unitrust Insurance Co. Ltd is now well positioned to broaden its product offerings to consumers in line with the federal government’s objective to deepen insurance penetration. Unitrust was founded in 1981 and commenced operation in 1986, with branches spread across Nigeria, carrying out contracts of general Insurance business.

It specializes in oil & gas, engineering, motor, marine & aviation, personal accident & travel medical assistant, workmen compensation/ employers liability, public/products liability, bonds, burglary, goods-in-transit, Fidelity guarantee, professional indemnity and directors/ occupiers liability.