Universal Insurance Plc said it has secured the approval of the National Agricultural Insurance Commission of the Nigerian insurance industry.
It said Thursday in a statement titled “Universal Insurance Obtains NAICOM Approval for Signing Agricultural Insurance”.
A nod of the head “without complaint” would allow Universal Insurance to support farmers and service providers in the agricultural value chain for greater sustainability and economic growth, it said.
It is stated that among the approved products are the fisheries insurance plan and the poultry agriculture insurance plan.
Universal Insurance has stated that the agribusiness sector in Nigeria needs insurance to remain sustainable and achieve long-term expected growth.
The statement states that stakeholders in the agricultural value chain must accept insurance if they want to reduce the retained risk by shifting the burden to insurers for effective risk management.
With this approval, Universal Insurance said it is in a good position to expand its product offering to consumers, which is in line with the federal government’s goal of deepening insurance penetration in Nigeria.
With this development, the company said that it is strategically accelerating its business goal by building a dominant company in the Nigerian insurance industry.
The Universal Insurance Poultry Policy covers the death of poultry due to an accident or illness, while the Fisheries Policy covers the loss of fish caused by death and the cost of rebuilding the pond in the event of a collapse, it is stated.
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