Linkage gets NAICOM’s approval to underwrite agric insurance
Linkage Assurance Plc has secured the approval of the National Insurance Commission to underwrite agricultural insurance.
The firm said in a statement that the ‘no objection’ nod would enable it to support farmers and service providers in the agricultural value chain for greater sustainability and economic growth.
Among the products approved were Linkage Assurance Crop Insurance Solutions, Linkage Assurance Farm All Risk lnsurance, Linkage Assurance Farm Motor lnsurance, and Linkage Assurance Livestock lnsurance Solutions.
Linkage Assurance said the nation’s agribusiness sector needed insurance to remain sustainable and achieve long-term growth.
It stated that stakeholders in the agricultural value chain needed to embrace insurance by reducing retained risk and transferring the burden to insurers for effective risk management.
“With this approval, Linkage Assurance Plc is now well positioned to broaden its product offerings to consumers, which is in line with the Federal Government’s objective of deepening insurance penetration in Nigeria,” the firm said.
Linkage Assurance said it was strategically accelerating its business objective of building a dominant company in the Nigerian insurance industry.
According to the statement, Linkage Assurance Crop Insurance Solutions provides cover against unavoidable loss of crops or resulting directly from the insured perils, flood, drought, excessive rains, hailstorm, diseases and pest, with covers including weather index crop insurance, area yield-index crop insurance and multi-peril crop insurance.