- Nigerian Agricultural Insurance Corporation (NAIC), says it generated over N1 billion as premiums, just as it settled claims worth over N300 million in 2014 to its policy holders.
Managing Director of NAIC, Bode Opadokun, who disclosed this on Tuesday in an exclusive interview with Daily Independent in Abuja, said the Corporation generated about N800 million as premiums in 2013.
Opadokun, who assumed office in March 2014, said the Corporation which is owned by the Federal Government is undergoing structural reforms for effective service delivery to Nigerians.
According to him, “Though, the audited accounts of the Corporation are not ready now. From the records available to me, we generated over N1 billion in 2014. We grew by about 18 per cent in terms of premium.
“In 2014, subject to proper audit, we paid more than N300 million as claims.”
He noted that settlements of claims are promptly paid to the customers, adding that it is being done on a daily basis.
“It is the right of a customer or policy holder to be indemnified on any loss arising from the perils that are covered under the policy.
“It is not just about paying claims but paying promptly. This is the orientation we have brought here. Payment of claims is not a favour to customers. It is their rights.
“We have put in place improvement on our business processes. So, claims payment is done on a daily basis.”
Meanwhile, the NAIC boss also revealed that the Corporation is targeting five million farmers in 2015 under its crop insurance cover.
The Crop Insurance, which is the component of the Federal Ministry of Agriculture’s Growth Enhancement Support Scheme [GES], would allow insured farmers to be compensated or indemnified in case of flood, fire, lightening and pests and diseases on their farm lands.
Opadokun said the beneficiaries would enjoy N2, 000 as compensation upon the additional payment of N500 on each bag of fertilizer they procured under the GES.
He therefore urged farmers to key in into the crop insurance to forestall unnecessary risks, adding that the Federal Government established NAIC to function as agriculture risk management for Nigerian farmers.