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Insured farmers ’ll receive payment of claims — NAIC

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Agribusiness: Farmers insured’ll receive payment of claims — NAIC

AS losses and risks  continue to bedevil the agricultural sector, the Nigerian Agricultural Insurance Corporation, NAIC, has assured that insured farmers  will receive payment of claims.

This was stated by the Deputy General Manager, Technical, NAIC, Bashir Martins, while answering questions from journalists at a one day ‘Agricultural Insurance Sensitization Workshop’ for Farmers in the Federal Capital Territory.

Martins also explained that the essence of the sensitization is to let the farmers known and understand exactly what NAIC does, the importance of insurance, and make them understand how insurance works, how they can access NAIC products and services, processing their claims and what they need.

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He further stated that they were out  to know farmers’ challenges as it concerns insurance as well as the expectation of NAIC, which the corporation do not lay claim to do it 100 per cent, but is trying, and will keep improving on what they do.

He said: “But we believe that it takes two to tangle-the contract is between NAIC and the respective farmers, we need to let them know what is insurance contract, and what is expected of them and they should in turn know what is expected from us.

“Agribusiness is evolving fast and so many risks are being thrown up, many new participants are coming into the business of agriculture, and the risks are on the increase.

”If you look at them across the value chain there is  so many participants so we need to keep sensitizing the farmers and let them know we are serving them, and we need to know from them on how to serve them.”

“Our assurance to farmers is that when they are insured and they suffered from what they  insured including natural disasters that  they will get paid for their losses, and that is the purpose of insurance and setting up NAIC. Our motor is ‘Plowing the Farmer Back to Business, Plowing the Farmers into Prosperity’, and we settle claims.”

However, the Deputy General Manager, General Business and Enterprise Risk Management, NAIC, Innocent Ogbu, said the response to insurance from farmers has not been encouraging.

Ogbu said: “The response of small and medium enterprises varies with farmers in this class. Those in small scale farming feel why they should pay N2000 or N5000, which makes the response very slow. The major responses we are getting is through the banks that is on farming loans tied to agriculture. More or less is like a forced response because they took loan from the bank and the bank wants them to insure the loan.

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