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NIRSAL mulls insurance for 1.4m farmers

Nigeria Incentive- Based Risk Sharing System for Agricultural Lending (NIRSAL) has developed insurance products for 1,476,289 smallholder farmers under its purview.

 

In the immediate, given the adverse effect of rain on crops, NIRSAL said it will take insurance policy to insure 3.6 million farmers nationwide by 2026.

 

The agric insurance will be executed through the development of insurance products like Hybrid Multi-Peril Crop Indemnity- Index Insurance product – HM-II. Managing Director of NIRSAL, Aliyu Abdulhameed, unfolded the plan over the weekend at the launch of the Hybrid Multi-Peril Crop Indemnity- Index Insurance product – HM-II in Abuja.

 

Aliyu harped on smallholder farmers and the increase in the number of insurance companies that underwrite agricultural risks. He noted that in developing agric insurance products, NIRSAL Plc. collaborated with both public and private sector underwriters.

 

NIRSAL, he added, had worked with the National Insurance Commission (NAICOM) to develop “an index-based insurance product – the NIRSAL Area Yield Index Insurance product (AYII), which guarantees the income of the smallholder farmers by covering expected yield.” AYII was piloted during the 2017 wet season farming, covering 17,000 farmers and 10,000 hectares with a harvest value of N3 billion.

 

The following year, NIRSAL developed the NIRSAL Comprehensive Index Insurance product (NCII). While AYII covers just yield risk, NCII covers yield risk, market price risk, and life insurance.

 

With regards to increasing the number of insurance companies that underwrite agricultural risk, NIRSAL, Aliyu said, “has been able to crowd in private insurance companies into the agric insurance space via the formation of a consortium of four insurance companies which has now grown to 10 insurance companies – including Royal Exchange – in the space of three years.”

 

Yusuf Yila, Director of Development Finance Department at the Central Bank of Nigeria (CBN), revealed that the apex bank has adopted NIRSAL Plc.’s AYII products and looks forward to deploying the HM-II.

 

He expressed confidence that NIRSAL will continue to play a key role in the development finance functions of the CBN, its owner.

 

Managing Director/ Chief Executive Royal Exchange General Insurance Company, Benjamin Agili, stated that by partnering with NIRSAL, “we have been able to develop an innovative agricultural insurance product – The Hybrid Index Insurance – for the insurance market in Nigeria.

 

This product, he said, “seeks to protect the small-holder farmers from farming loss during a particular faming season and has gone a step further by insuring the life of the farmer during the season in case of permanent disability or death, during the season, thereby ensuring the farmer is able to remain in business, no matter the loss or situation.

 

 

 

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