The Nigerian Agriculture Insurance Corporation (NAIC) said it paid claims of over N504.5 million to 8,393 farmers affected by the 2022 floods.
Assistant General Manager/ Head of Corporate Affairs, Ms Magdalen Omosimua said yesterday in Lagos, while speaking to Nigerian News Agency (NAN).
“NAIC has paid claims to 8,393 insured farmers, amounting to N504,580,067.83, as flood claims in 2022”.
Adding that more verified reported flood claims were being processed for payment.
She pointed out that management has made efforts to penetrate the agricultural sector through awareness raising.
According to Ms Omosimua, the NAIC has introduced personal accident cover, and herdsmen damage cover insurance to promote the penetration of insurance in this sector.
She lists products such as production risk in insurance for subsidized and commercial crops, and production risk in livestock insurance such as poultry, pigs, cattle and fisheries.
Omosimua advised farmers and others to make sure their businesses are insured.
“This would sustain jobs, income stabilisation, food security, poverty alleviation and wealth creation. “The 2022 floods displaced over 1.4 million, killed over 603, injured over 2,400, damaged about 82,035 houses with 332,327 hectares affected”.