KBL Insurance Secures NAICOM’s Approval to Underwrite Agric Insurance

Ebere Nwoji

KL Insurance Limited, a general insurance underwriter has received the National Insurance Commission (NAICOM)’s approval to play in Agric Insurance underwriting class of business.

The company said with the approval, it has positioned itself to drive Agricultural Insurance in Nigeria to the next level and provide farmers with necessary financial protection against losses.

Managing Director, Chief Executive Officer of KBL Insurance, Mrs. Ukachi Orji, said the management of the company was motivated by the drive to bring its specialists’ touch to providing lasting solutions and sustainable options to Nigerian farmers, whose businesses over the years, have faced a lot of difficulties, particularly lack of access to funds.

“We think it is a double jeopardy for the farmer, who amidst this situation, occasionally suffers disasters such as wildfire, pest attacks and some loss of crops and animals among others. KBL’s Agro Solutions are the answers to these long years of waiting, by our farmers. “We are here to lend them the shoulders to lean on, and cushion the effects of their various losses”, she guaranteed.

She said KBL Insurance Limited recently disbursed various sums of money to individuals and organisations to the tune of N1,991,051,388.85 as various claims settlements in the recent time. 

The KBL Insurance Managing Director spoke at the 2023 edition of the South East Poultry Summit and Expo, which held recently in Enugu.

Also speaking, Head, Agric Insurance at KBL Insurance Limited Mr. Chris Nwachukwu Ezea said with this empowerment by the regulator, KBL has introduced Poultry Insurance, Multiperil Crop Insurance, Livestock Insurance, Fish Farm Insurance, Farm Property and Produce Insurance as well as Area Yield Index Based Agric Insurance, to mention a few.

He said given this position, whether by natural perils or some unforeseen disasters that affect profitable productivity, such as drought, excessive moisture, hail, frost, wind and wildlife and other diseases, the company was ready to give adequate relief to practitioners in the Agro Business Industry in the country, when the unexpected happens.

“What we are bringing to the market is in alignment with our Company’s strategic objectives and core values. We give our clients first-class treatment that they have never seen elsewhere. It is in tandem with our critical business pillars of professionalism, proactiveness and prompt response to requests as well as timely settlement of claims.” 

Nwachukwu also assured the farmers that the underwriting firm was ever ready to offer farmers adequate recommendations and support.