The National Insurance Commission (NAICOM) has given its approval to Universal Insurance Plc to insure stakeholders in the agricultural sector, specifically fishery and poultry, among others. Specifically, the insurance policy will cover death of poultry animals as a result of accident or disease. The fishery policy, on the other hand, will cover loss of fish caused by death and the cost of reconstruction of fishpond in the event of collapse.
Managing Director of Universal Insurance, Benedict Ujoatuonu, has said that this approval would enable the firm support farmers and others in the agricultural value chain for sustainability and economic growth. Across the country, may farmers have bemoaned losses due to various factors, especially flooding, and without insurance, it becomes difficult for them to get back what they loose. As a result, Ujoatuonu has encouraged the stakeholders to embrace this opportunity, use it to boost resilience, remain sustainable, and achieve long-term goals.
With this approval in place, Universal Insurance Plc can expand its service offerings to customers, which is in line with government’s objectives to deepen the insurance penetration in Nigeria.