THE National Insurance Commission (NAICOM) has called for the evolution of conventional agricultural insurance in the country.

NAICOM is of the opinion that the National Agricultural Insurance Scheme (NAIS) is not adequate to cover the large population of the country.

Taking into consideration to the fact that, farming communities i n Nigeria constitute over 70 per cent of the population of which negligible number is aware of the existence of agricultural insurance scheme and therefore need to be integrated, NAICOM stressed that the NAIS is not adequate to cover such population and thus, the need for evolution of conventional agricultural insurance in Nigeria.

“Furthermore, agricultural insurance not only stabilises the income but also helps the farmers to initiate production activity after a bad agricultural year. It cushions the shock of produce losses by providing farmers with a minimum amount of protection although it is not limited to crop insurance, it also implies to livestock, bloodstock, forestry, aquaculture and greenhouses.”