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Operators advocate for agric insurance subsidy

The operators believe that with more farmers taking up insurance, food production in the country would be more secure and sustainable.Currently, the Nigerian Agricultural Insurance…

The operators believe that with more farmers taking up insurance, food production in the country would be more secure and sustainable.
Currently, the Nigerian Agricultural Insurance Corporation (NAIC), a Federal Government agency, provides agriculture 50 percent subsidy insurance, a gesture the operators want extended to private insurance companies if indeed government is serious about an agriculture based economy.
Speaking at the 2013 Chartered Insurance Institute of Nigeria (CII) insurance professional s forum held in Ibadan, Oyo State, the Managing Director, Royal Exchange General, Mr. Olutayo Borokini, said due to the high risks in agriculture, government should provide some subsidy on policies to make it more attractive for insurance companies to explore the sector.
He said government could make special fund available to be drawn by insurance companies.
Supporting Borokini’s call, Mr. Fatai Kayode Lawal, the President/Chairman of Council, CIIN, said government has to provide subsidy on the agric risks as an incentive to underwriters.
“If government wants insurance to support agriculture, it has to provide some level of subsidy on the risks because of the risky nature of the business and people don’t want to invest their capital into it because of the exposure to catastrophes,” he said.

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