AIICO COMMENCES AGRIC INSURANCE
Mr. Edwin Igbiti, MD/CEO, AIICO Insurance Plc
AIICO Insurance Plc, one of the leading insurance firms in Nigeria has commenced Agricultural insurance.
A statement yesterday by the company said with an average contribution of 24%, agriculture has remained a significant contributor to Nigeria’s GDP, adding that, being the provider of employment for over 60% of the population, agriculture is pivotal to economic development, and more of the efforts to revive the economy, and reduce significantly the level of poverty, should be devoted to energizing the agricultural sector.
The agricultural sector, the statement stated, is exposed to extremely high degree of risk arising from natural factors like weather conditions, pests and diseases and other environmental forces.In response to the dire need for adequate insurance in protecting investments in agricultural sector,AIICO Insurance Plc, an industry leader, is taking strategic position to be a major player in offering Agriculture Insurance in order to deliver the much needed protection to the different players in the agricultural value chain.
“Having recently obtained approval of the National Insurance Commission (NAICOM) as an agriculture underwriter, AIICO Insurance is uniquely positioned to offer Agriculture Insurance to Nigerian farmers at all levels, as well as investors looking to tap into the huge potentials of the sector, through its value-based insurance propositions.
The company’s competitive edge is hinged on its understanding of the exact needs of farmers through the application of knowledge and expertise in this line of insurance business.
“Commenting on the company’s readiness to play in this space, the Managing Director and Chief Executive Officer, Mr. Edwin Igbiti, confirmed that “NAICOM’s approval underscores the Regulator’s confidence in the Company’s capacity and competence to support the Agricultural sector”.
AIICO Insurance Plc., a leading life insurer in Nigeria, commenced operations in 1963. It provides life and health insurance, general insurance, investment management and pension management services as a means to create and protect wealth for individuals, families and corporate customers.
