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Tuesday, March 28, 2023

Farmers advised to insure crops against flood

Managing Director, American International Insurance Company (AIICO), Edwin Igbiti, on Wednesday, October 17, 2018 in Lagos advised Nigerian farmers to insure their crops against flood and other natural disasters.

Flooded farmland
A flooded farmland. Photo credit: FAO

Igbiti told the News Agency of Nigeria (NAN) that the recent loss of farm produce to flood called for a rethink, especially knowing that many of the farmers affected did not insure their crops.

The AIICO boss said agricultural insurance products recently rolled out by the company was a response to losses incurred by Nigerian farmers.

“AIICO wishes to sympathise and encourage farmers to take advantage of the agricultural insurance solutions by AIICO,” he said.

Igbiti said that the underwriter was uniquely positioned to offer both indemnity and index based agricultural insurance products to farmers as well agricultural sector investors.

He said that the company had launched “AIICO Integrated Customer-Focused Contact centre” (AIIContact) to enable it deliver positive experience across all touch points and offer superior service to its customers.

“Besides, AIICO also embraced technological innovations to enable it establish direct and unified contact with its customers.

“Living up to its promise of safety and being reliable risk manager of repute, AIICO was able to pay over N44.265 billion claims within a period of 33 months.

“In 2015, gross claims paid for both life and non-life was approximately N13.045 billion.

“In 2016, gross claims paid increased to N14.571 billion and as at third quarter of 2017, AIICO’s gross claims paid stood at N16.649 billion,” he said.

By Bukola Adetoye

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