Unitrust Gets NAICOM Approval To Underwrite Agric Insurance
Nigeria’s lead underwriter, Unitrust Insurance Company Limited on Thursday secured approval of the National Insurance Commission (NAICOM) to underwrite agricultural risks business.
According to statement signed by Swachet Iliyasu, corporate communications department of the company, that the ‘No Objection’ will enable the organisation to support farmers and service providers in the agricultural value chain for greater sustainability and economic growth.
She added that among the products approved for the insurer are Multi -Perils, Livestock Insurance, Poultry, fishery and Fish Farm, Area Yield Index agricultural insurance.
Speaking on the development, the Managing Director/Chief Executive Officer of the firm, John Ijerheime, noted that the agribusiness sector in Nigeria needs insurance to remain sustainable and achieve long-term growth.
According to him stakeholders in the agricultural value chain must embrace insurance if they want to reduce risk by transferring the burden to insurers for effective risk management.
With the approval, Unitrust Insurance is now well-positioned to broaden its product offerings to consumers in line with the federal government’s objective to deepen insurance penetration.
Unitrust was founded in 1981 and commenced operation in 1986, with branches spread across Nigeria, carrying out contracts of general Insurance business.
It specializes in Oil & Gas, Engineering, Motor, Marine & Aviation, Personal Accident & Travel Medical Assistant, Workmen Compensation/ Employers Liability, Public/products Liability, Bonds, Burglary, Goods-in-Transit, Fidelity Guarantee, Professional Indemnity and Directors/ Occupiers Liability.