The Nigerian Agricultural Insurance Corporation (NAIC) says that it paid claims of more than N504.5 million to 8,393 insured farmers who were affected by the 2022 flood that ravaged the country.
Assistant General Manager/ Head of Corporate Affairs, NAIC, Ms. Magdalene Omosimua, stated this on Tuesday in Lagos.
Omosimua said that more verified reported flood claims were also being processed for payments.
“NAIC has paid claims to 8,393 insured farmers amounting to N504,580,067.83 as of now, as flood claims in the year 2022, ” she said.
According to her, concerted efforts are being made by NAIC Management to penetrate the Agricultural sector through adequate sensitization programs.
Omosimua said that NAIC had introduced initiatives and policies such as personal accident cover, and herdsmen damage cover to its existing insurance products to encourage insurance penetration in the Agricultural sector.
She listed its existing insurance products to include production risk on crop insurance for various subsided and commercial crops, and production risk on livestock insurance for various classes of livestock such as poultry, piggery, cattle, and fishery, among others.
The NAIC official mentioned harvest and storage policies such as fire, burglary, goods-in-transit, processing risk, such as plants-all-risk, farm assets insurance, transportation risk, such as motor insurance, Marine cargo, and Aviation.
She also stated that farm employee insurance such as Group Personal Accident insurance coverage and Financial insurance such as performance or advance payment bond, among others.
“As a caring and responsive organization, all genuine claims of our insured clients are being given urgent attention to enable them to go back to living their normal productive lives,” she said.
Omosimua advised farmers and citizens to ensure that their property and business endeavors are promptly insured.
She said: “This would guarantee the sustainability of existing jobs, income stabilization, food security, poverty alleviation, and wealth creation.
“The 2022 flood in Nigeria affected many parts of the country.
“From the Federal Government data, the floods displaced over 1.4 million people, killed over 603 people, injured more than 2,400 persons, damaged about 82,035 houses while 332,327 hectares of land were also affected, “