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NAIC settles flood claims of sugar firm

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THE Nigerian Agricultural Insurance Corporation, NAIC, has paid about N80 million claims to the Savannah Sugar Company Numan, following the recent crop losses and sequel to the fire outbreak and floods that ravaged a total of 458 hectares of cultivated farmland owned by the company.

In a statement, NAIC said that with over 4, 863 hectares of land, the Sugar Company has over the years consistently paid its premium to NAIC promptly in view of the risk potentials that have characterized the operations of the company, particularly due to the perennial fire outbreaks and floods in the vast farmland, situated along the Numan-Gombe road in the North Eastern part of the country.

The breakdown of the claims indicated that the total sum of N32, 388, 300 was first paid as insurance claims to the company in December 2013 for the fire outbreak which ravaged over 194 hectares of the farmland.
And last week the sum of N47, 233,000.00 was settled in the second tranche to the insured in respect of the floods which had destroyed the vast sugar cane farmland covering about 265 hectares.

Bode Opadokun, NAIC Managing Director, who described the Savannah Sugar Company as a frontline client of the Corporation, had directed prompt payment of the second tranche to the company.
He stressed that NAIC should at all times respond promptly to genuine claim requests, after due diligence is carried out with a view to show-casing and sustaining good corporate reputation of NAIC in the market place.

He believed that prompt claims response and adequate payments are key elements of good and credible insurance firms, saying NAIC should strive to be a role model in claims payment, given the peculiar nature of its specialized agric insurance obligation to all categories of insured farmers nationwide.

Mr. Opadokun, who recently assumed office as the Managing Director, further explained that for NAIC to assert and sustain its competitive advantage in the industry, the Corporation must be re-engineered and strategically positioned to maintain and expand its clientele base across the country.


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