Jaiz Takaful insurance to minimise losses in agric value chain

Jaiz Takaful Insurance Ltd., a leading innovative and sustainable insurance company says it has gotten approval to launch its products in the agricultural value chain as part of efforts to minimise losses and boost economic growth.

Ibrahim Usman Shehu, GMD/CEO, Jaiz Takaful Insurance Ltd, spoke in Abuja, on Thursday, during a forum meeting attended by the Managing Director of Crystal & Diamond Insurance Brokers Ltd, Mr. Chijioke Nwafor and a representative of Prestige Microfinance Bank Ltd, Madam Tope.

He noted that the purpose is to enlighten the brokers as well as participants on the value proposition of Takaful insurance, which makes Jaiz Bank distinct from conventional insurance.

“We have recently gotten approvals into the agric sector. Nigeria is trying to develop and diversify the economy through the agric value chain.

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“So, we’ve had approval now to go into agriculture by providing agric takaful insurance, and that’s a game where the vast majority of Nigerians gainfully employed, and right now the federal government has a lot of emphasis on livestock development, which is very, very critical as well.

“So, we provide complimentary service of insurance into that business so that people involved in agricultural business would not just incur loss and then they will be left without any support.

“We had paid that already in the past. Last year, there was flood incident around Kano and Jigawa, we paid for our customers there and they were happy. So the same way we’re extending to every business person especially if you are a farmer, but aside from farming, we still have for the general business, which is a common that you have on motor, fire, Burglary,” he explained.

He added that the benefit is that you have return on investment on your plan, but in case there is an unfortunate incident of death, then the capital sum covered, the guarantees sum amount will be paid to your next of kin or legal personal representative.