Lagos; Monday, October 2nd, 2023. In its bid to drive Agriculture Insurance in Nigeria to the next level and provide farmers necessary financial protection against losses, KBL Insurance Limited, one of the foremost general insurance underwriters in Nigeria, has received the National Insurance Commission (NAICOM)’s go-ahead to provide such covers. With this approval, the firm has introduced poultry Insurance, Multiperil Crop Insurance, Livestock Insurance, Fish Farm Insurance, Farm Property and Produce Insurance as well as Area Yield Index Based Agric Insurance, to mention a few.
Whether by natural perils or some unforeseen disasters that affect profitable productivity, such as drought, excessive moisture, hail, frost, wind and wildlife and other diseases, the underwriter has said adequate relief is now in place for practitioners in the Agro Business Industry in the country, when the unexpected happens.
Addressing participants at the Poultry Association of Nigeria’s 2023 South East Poultry Summit and Expo, which held recently in Enugu Southeastern Nigeria, Mr. Chris Nwachukwu Ezea, Head, Agric Insurance at KBL Insurance Limited 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.” Mr. Nwachukwu also assured the firm treats clients’ farms with a high sense of duty, ownership responsibility and, it is ever ready to offer farmers adequate recommendations and support.
However, the Managing Director, Chief Executive Officer of KBL Insurance Limited Mrs. Ukachi Orji added:
“We are motivated by our drive to bring our specialists’ touch to providing lasting solutions and sustainable options to Nigerian farmers, whose businesses over the years, have faced a lot of difficulties, particularly lack of access to funds.” The Chief Underwriter further stressed, “we think it is a double jeopardy for the farmer, who amidst this situation, occasionally suffers disasters such as wildfire, pest attacks and some loss of crops and animals among others. KBL’s Agro Solutions are the answers to these long years of waiting, by our farmers. “We are here to lend them the shoulders to lean on, and cushion the effects of their various losses”, she guaranteed.
Agro-insurance is a crucial financial tool that provides coverage against agricultural risks, such as crop failure, pest infestation, or extreme weather events. Nigeria, known as the “Giant of Africa,” has a vast and diverse agriculture sector, contributing its numbers to the country’s economy. It is said to currently contribute merely about $16m (N7.52b) to the Gross Written Premium (GWP) of the insurance industry in Nigeria. As at today, about 14 insurance underwriting companies in Nigeria are actively providing Agriculture Insurance. Recent governments in Nigeria had made significant efforts towards the enactment and development of various policies about diversifying and commercializing agriculture through deliberate special intervention programmes, to improve the lives of the citizenry at both micro and macroeconomic scales.
KBL Insurance Limited said it recently disbursed various sums of money to individuals and organisations to the tune of N1,991,051,388.85 as various claims settlements in the recent time. Each of these settlements was said to have come at record speed. The firm attributed this to its investment in information technology. It also alluded to its resolute commitment to prompt claims to align with the company’s ethos of diligently meeting its obligations to its customers.
The Managing Director, Chief Executive Officer had advocated a nationwide insurance inclusion policy initiative, a viable instrumentality to repositioning insurance as a potent tool for economic growth and advancement, like what is obtainable in the Banking Industry.
With a robust presence across Nigeria, KBL Insurance Limited is registered and approved by the National Insurance Commission (NAICOM). As a fully recapitalised general insurance entity, the company is equipped to safeguard various assets. Boasting of almost 30years of experience, KBL Insurance specializes in mitigating corporate and retail insurance risks for Small and Medium Scale Enterprises (SMEs). Its coverage spans Motor Insurance, Computer All Risk, Fidelity Guarantee, Contractors All Risk, Marine Insurance, Fire and Special Perils, Group Personal Accident, Combined Fire & Burglary, Goods-in-Transit, Agric Insurance and more, resonating with a diverse clientele from both public and private sectors.
In an industry where trust and responsiveness are paramount, KBL Insurance’s relentless dedication to its clients, its industry-altering innovations, and its drive to enhance economic growth through insurance make it a standout force to be reckoned with.