The National Insurance Commission (NAICOM) has approved Universal Insurance Public Limited Company’s interest to insure stakeholders in the agricultural sector.
Universal Insurance made this known on Tuesday in a statement, further disclosing that the insurance plan covers the fishery and poultry sub-sectors, among others.
Managing Director of Universal Insurance, Benedict Ujoatuonu, explained that the approval will enable the firm to support farmers and service providers in the agricultural value chain for greater sustainability and economic growth.
Ujoatuonu, therefore, tasked stakeholders in the sector to embrace insurance to boost their resilience.
The managing director also stressed the need for agribusinesses in the country to be insured to remain sustainable and achieve long-term growth targets.
“Agricultural insurance protects against loss or damage to crops or livestock and it has great potential to provide value to low-income farmers and their communities, both by protecting farmers when shocks occur and by encouraging greater investment in crops,” he explained.
Benedict noted that the approval will place the company in the rightful position to expand its product offerings to consumers in line with the federal government’s objective to deepen insurance penetration in Nigeria.
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