Insurer gets NAICOM’s nod to underwrite agricultural business

KBL Insurance Limited has secured the approval of the National Insurance Commission (NAICOM) to underwrite agricultural risks in the country.

The ‘no objection’ nod will enable the organisation to support farmers and service providers in the agricultural value chain for greater sustainability and economic growth.

With the approval, the underwriter has introduced poultry insurance, multi-peril crop insurance, livestock insurance, fish farm insurance, farm property and produce insurance as well as area yield index-based agric insurance.

Whether by natural perils or some unforeseen disasters that affect profitable productivity, such as drought, the underwriter said adequate relief is now in place for practitioners in the agribusiness industry in the country.

Speaking to participants at the Poultry Association of Nigeria’s 2023 South East Poultry Summit and Expo, held in Enugu Southeastern Nigeria, the Head of Agric Insurance at KBL Insurance, Chris Nwachukwu Ezea, said: “What we are bringing to the market is in alignment with our company’s strategic objectives and core values. We give our clients first-class treatment that they have never seen elsewhere. It is in tandem with our critical business pillars of professionalism, proactiveness, and prompt response to requests as well as timely settlement of claims.”

Nwachukwu also assured that the firm would treat clients’ farms with a high sense of duty and ownership responsibility and that it was ready to offer farmers adequate recommendations and support.

Managing Director of KBL Insurance, Ukachi Orji, said the underwriter would provide lasting solutions and sustainable options to Nigerian farmers, whose businesses, over the years, have faced a lot of difficulties, particularly a lack of access to funds.”

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