Agricultural Insurance is a policy which involves the insured (farmer) paying a little sum (premium), usually in percentage to an insurance company (insurer) to guarantee against loss due to any of the perils (death, flood, drought etc) covered for a particular period of time (usually not more than one year) with a promise to indemnify (pay back the value of loss) should such occur
Industrial And General Insurance Plc is the foremost private insurance company in Nigeria licensed by the National Insurance Commission (NAICOM) to underwrite agricultural investments. The idea is that should loss occur, regardless of the source of finance, the farmer will be reimbursed as soon as possible to the value of the loss to enable him/her return to business.
In our strategic disposition to meet the challenges in the agricultural industry and contribute our quota to national development, IGI has crafted five (5) innovative products to ensure sustainable growth. They are;
Each of these animal insurance policies indemnifies against death due to diseases and accident of any sort
4. Multicrop Peril Insurance Policy
5. Plantation fire Insurance Policy
These plant insurance policies indemnify against loss due to fire, flood, drought, pests, diseases and theft.
Buying a policy begins with obtaining and completing the proposal form by the farmer. This is followed by an inspection of the farm by a team of experts from IGI or consultants appointed by IGI and after satisfactory risk assessment report, cover commences with the payment of premium by the farmer.
IGI is a registered private insurance company in Nigeria with branches in Nigeria and subsidiaries in The Gambia, Uganda and Rwanda with representative offices in London
IGI is a public liability company with shareholders cut across every stratum of the society
There is a vast potential for agricultural insurance market in Nigeria and to make it private sector driven
The main objective of IGI Agricultural insurance is to mitigate the financial loss of farmers in the event of crop/livestock failure due to natural disasters such as flood, drought, windstorm, pests and diseases. Also there is the need to provide sound technical advisory services for farmers in order to minimise the risk of loss.
• Poultry/Livestock/Fishery: 2.5% of the sum insured
• Crops: 2.0% of the sum insured
• Plantation: 1.5% of the sum insured
• Poultry: cost of day old, feeding, medications e.t.c.
• Fishery: cost of fingerlings, feeding, and other inputs
• Livestock: cost of purchase, feeding and other inputs
• Crop: cost of seeds, land clearing, chemicals and other inputs
• No. IGI does not grant loans but provides insurance cover for loans from lending institutions.
• We also link you up with agriculture friendly financial institutions.
• Yes, the policy can serve as a collateral security for loans
• We have reinsurance arrangements in the form of treaties, coinsurance and facultative types that will ensure that claims are paid as at when due
• IGI Agricultural insurance products can be customized to meet your specific needs for optimum protection of your investment
• Adeyemo- 08034365489
• Ganiyu- 08033254041