The Managing Director, Nigerian Agricultural Insurance Corporation, Mrs Folashade Joseph, has said NAIC sympathises and assures its insured farmers in the various states, being ravished by floods, that the corporation is very mindful of its corporate responsibility to give them relief and plough them back to prosperity through the prompt payment of appropriate compensations.
In a statement, she said, “While the corporation encourages its dear insured farmers to make all efforts possible to avert and minimise the untoward effects of the torrential rains and floods on their farms, they should please promptly inform the nearest NAIC office, in their state, of their travails in order that appropriate support will be extended to them in a timely manner.
“To other farmers who might have suffered from losses arising from the floods but did not have NAIC cover, the corporation wishes to equally sympathise and encourage them to, in future, take advantage of the agricultural insurance solutions of the corporation, in accordance with the policies of the government of President Muhammadu Buhari to offer protection to farmers who have answered the patriotic call to go back to agriculture.”
She explained that apart from insuring the risk of loss of crops from flood, NAIC would provide insurance against crop losses arising from fire, lightning, drought and pests.
According to the managing director, the risks of death of, or injury to, livestock caused by accident, disease, fire, lightening, storm or flood are insured by NAIC.
The assessed premium payable to NAIC had been subsidised.
She said, “The subsidy is 50 per cent reimbursable to the corporation by the federal and state governments. All these are efforts to provide secure future for farmers and eliminate the need for unpredictable ad-hoc assistance when insurable losses occur.”