The Nigerian Agricultural Insurance Corporation, NAIC, says it will generate a premium of about 20 billion Naira and pay claims of about 10 billion Naira on annual basis for the next two years.
Speaking at a press conference organized to brief the media on the activities of the corporation, its Director-General NAIC, Folashade Joseph said the corporation will collaborate with its technical partners to address emerging risks in the agricultural sector.
The NAIC is a Federal Government-owned insurance company authorised to offer agric insurance services to farmers at a subsidised rate.
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Explaining the risks covered over the years and the corporation’s future plans, the Director-General NAIC, Folashade Joseph said the unique key performance indicator of an insurance company is claims payment.
A breakdown of the paid claims showed that the corporation paid N856 million to insured farmers in 2019 and N848 million in 2020.
She called for the collaboration of all relevant agencies to continue to partner with NAIC by taking agricultural insurance cover that will enable them to remain firm in business despite unforeseen circumstances from weather conditions and other risks in order to realise the food security agenda of President Muhammadu Buhari.
