Farmers unaware of insurance options despite growing coverage, expert says

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By Cynthia Alo

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Nigerian farmers are largely unaware that their poultry, fish and cassava farms can be insured, an insurance and risk management expert, has said.

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In an exclusive interview with Vanguard AgroBiz at the just concluded ‘All-Inclusive Mass Media Training for Journalists in Lagos, Managing Director and Chief Executive Officer, Umbrella Insurance Brokers Limited, Mr. Raymond Akalonu, urged journalists to help close the awareness gap.

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According to him, the agric insurance space, long dominated by the Nigerian Agricultural Insurance Corporation (NAIC), has seen new entrants including Leadway Assurance, AIICO Insurance and Consolidated Hallmark Insurance, improving the availability of cover for farmers.

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He said the growth in players had not translated into awareness among farmers.

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“Unfortunately, most farmers do not even know that these things are available, and that’s where you, the journalist, come in to play, to make sure they understand that as low as their poultry farms, their fish farms, their cassava farms can be insured, and they will be adequately compensated or indemnified in the event of any loss,” he said.

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He disclosed that insurers and regulators, including NAIC and the Nigerian Council of Registered Insurance Brokers (NCRIB), were already engaging universities, schools, cooperatives and affinity groups to spread awareness, but added that the media still had a bigger role to play in shaping public perception.

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He also faulted low uptake of insurance contracts generally, saying many Nigerians sign policies without understanding the terms.

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Also speaking, Jackson Ikiebe, a Certified Chief Artificial Intelligence Officer (CAIO) and former insurance industry player, said technology could help deepen agric insurance penetration, describing the sector as still developing in Nigeria.

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“In today’s market, we only have one insurance company whose primary focus is agric. Every other insurance company is trying to develop a product that fits,” he said.

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