NiMet, Rex Insurance Ink Deal on Weather Index Insurance

The Nigerian Meteorological Agency (NiMet) has partnered REX Insurance to provide weather-based insurance solutions designed to help Nigerian farmers safeguard their livelihoods against climate-related losses.

By offering protection against unpredictable weather events such as droughts and floods, this initiative aims to make agriculture both safer and more sustainable for farmers across the country.

During the signing ceremony of the Memorandum of Understanding (MoU), Director General and CEO of NiMet, Prof. Charles Anosike, shared a brief history of the agency, highlighting its over 100 years of weather observation in Nigeria.

He explained that the agricultural sector is increasingly vulnerable to the effects of climate change, which can negatively impact crops, livestock, soil, water resources, and rural communities.

Anosike noted the concept of a weather index agricultural insurance scheme, which uses measurable weather data to trigger insurance pay outs when conditions surpass certain thresholds.

Meanwhile, Managing Director/CEO of REX Insurance, Mrs. Ebelechukwu Nwachukwu, provided further insight into the company’s background.

Formerly known as Royal Exchange Insurance and established in 1918 as Nigeria’s first insurance company.

Nwachukwu emphasised that their transformation focused on helping smallholder farmers plan more effectively.

She announced that, through the partnership, index-based insurance for smallholder farmers would soon become a reality in Nigeria.