Underwriting firm, Linkage Assurance Plc has secured the approval of the National Insurance Commission (NAICOM) to underwrite agric insurance in the industry.
The ‘no objection’ nod would enable the firm support the farmers and service providers in the agricultural value chain for greater sustainability and economic growth.
Among the products approved include Linkage Assurance Crop Insurance Solutions; Linkage Assurance Farm All Risk lnsurance; Linkage Assurance Farm Motor lnsurance; and Linkage Assurance Livestock lnsurance solutions.
Linkage Assurance Management in a statement to this effect, said the Nigeria’s agribusiness sector needs insurance to remain sustainable and achieve long term growth expectation.
The company urged stakeholders in the agricultural value chain to embrace insurance by reducing retained risk and transferring the burden to insurers for effective risk management.
It said with the approval, it was now well positioned to broaden its product offerings to consumers, which is in line with the federal government objective to deepen insurance penetration in Nigeria.
“Linkage Assurance by this development is strategically accelerating its business objective of building a dominant company in the Nigerian insurance industry.
“Linkage Assurance Crop Insurance Solutions provides cover against unavoidable loss of crops or resulting directly from the insured perils, example flood, drought, excessive rains, hailstorm, diseases and pest, with covers including Weather lndex Crop Insurance; Area Yield – lndex Crop lnsurance and Multi-peril crop insurance,” it added.
The Linkage Assurance Farm All Risk lnsurance was designed to cover the farm buildings/contents, farm products and machineries against theft and fire. It also provides cover on general accident for farm staff and farmer’s legal liability.
While, Linkage Assurance Farm Motor lnsurance protects the insured for loss of or damage to vehicles used in the farm or agricultural business, damage to Third Party property including bodily injury and death to third parties caused by accident.
Linkage Assurance Livestock lnsurance solutions is specially designed to cover the farmer’s stock with one simple policy, which can provide immediate protection against death due to accident; death due to illness or disease; loss of use due to accident; and loss of use due to illness.