Universal Insurance Plc has gotten approval from the National Insurance Commission (NAICOM) to underwrite agric insurance in the Nigerian insurance industry.
The ‘no objection’ nod will enable Universal Insurance to support farmers and service providers in the agricultural value chain for greater sustainability and economic growth.
Among the products approved are: Fishery agricultural insurance plan and poultry agricultural insurance plan.
In a statement, it stated that the agribusiness sector in Nigeria needs insurance to remain sustainable and achieve long term growth expectation.
The statement further maintained that stakeholders in the agricultural value chain must embrace insurance if they want to reduce retained risk by transferring the burden to insurers for effective risk management.
With this approval, the firm said it is positioned to broaden its product offerings to consumers, which is in line with the federal government’s objective to deepen insurance penetration in Nigeria.
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