Farmers get N20 bn insurance coverage from NAIC

By Patience SAGHANA
Determined to ensure that farmers are protected from calamities associated with farming, Nigerian Agricultural Insurance Corporation (NAIC) has provided cover to the tune of N20 billion.

The coverage ensures that these farmers under the company’s scheme are provided support in cash whenever the experience losses to enable them remain in Business.

NAIC’s clientele base has continued to increase as more farmers are embracing the need to come under the cover of the corporation and this is clearly demonstrated by the swelling volume of risk it underwrites for beneficiaries.

The corporation’s volume of risks as at 2008, stood at N20. 63 billion covering about 48,002 policies and the volume rose N28. 07 billion covering about 52,993 policies while the sum of N250.12 million and N327.54 million was paid as claims to various beneficiaries in 2008 and 2009 respectively.

Some of the big ticket farmers under its covers include; PAMOL Nigeria Limited in Calabar, Integrated Dairy Farm (IDF) Limited and ECWA Farms both in Jos, Plateau State. Others are; Fol-Hope Farms Nigeria Limited in Ibadan and Frontline Farms Limited in Lagos.

Nigerian Agricultural Insurance Scheme (NAIS came into being on 15th December 1987 to primarily protect the farmers from the effects of natural hazards through adequate insurance cover. The implementation of the scheme was initially vested in the Nigerian Agricultural Insurance Company Limited, which was later transformed into a corporation by government.

Kwatri Kwagga Yusuf, managing director of the corporation, said there has been positive response from farmers from every nook and crannies of the country, adding the spread has enabled NAIC to further improve its monitoring visits to farmers.

Yusuf added that those who been covered by the scheme in the past kept on passing the information to others. “We have also continued to receive enquiries through our websites, through which we keep directing our numerous potential clients to our various branch offices”, he added.

Within its available resources the corporation which could only provide cover for four items initially presently covers almost all crops and livestock items in Nigeria. In addition, NAIC currently provide a coverage of an average of N20 billion worth of investments on annual basis.