Insurance World

Prestige Assurance Gets NAICOM Approval To Underwrite Agric Insurance

Balla Swamy, MD/ CEO Prestige Assurance Plc



BY NKECHI NAECHE—Poised to unlock the potentials in agric business  and to address the yearning of Nigerian farmers across the country, Prestige Assurance Plc on Friday said it has secured the approval of the National Insurance Commission (NAICOM) to underwrite agric insurance in the Nigerian insurance industry.

A statement released by the company said  it has responded to the call in providing the much-needed protection the players in the agricultural business desire.

The Company known for its initiative exclusivity in special product design and development said these agricultural insurance products are tailored to suit the need of all classes of Nigerian farmers.

Thus, reiterating its preparedness to offer agricultural insurance to Nigerian farmers at all levels and potential investors in the agriculture business.

Speaking on the Company’s preparedness to underwrite agricultural insurance, the Managing Director, Dr. Balla Swamy stated that NAICOM’s approval is a testimonial to the Company’s capacity, competence and sincerity in supporting the growth of agriculture in Nigeria. He stated that the Company acting as burden bearer, intend to take the worry out of the players in the agricultural sector and give them opportunity to make wealth.

He stated further that the disasters that befall the farmers anytime there is a natural calamity, have serious adverse effects on the financial position of the nation. Farmers who suffer losses from catastrophic events usually look up to the government for financial aid, which may or may not come as these aids run into several millions of Naira. As the frequency of losses is uncontrollable, such aids seriously erodes government’s programmes when granted. Thus, a well-operated agricultural insurance scheme reduces the responsibility of the government in this direction.

Besides its newly introduced agricultural insurance product, Prestige Assurance Plc parades an array of people-oriented products such as Prestige Salary Protection Shield (PSPS), Prestige Mediclaim Policy (Health Insurance), and Travel Insurance, to mention a few. The company also underwrites policies relating Contractor All Risk, Erection All Risk, Oil and Energy, Plant All Risk and Machinery Breakdown Policies, etc.

It is worthy to note that in terms of product design and development, Prestige Assurance Plc has been counted a very strong and formidable front-liner in the Nigerian insurance market as a result of its quality service delivery, world-class customers service approach as well as full technologically-driven system. With its 66 years’ experience and understanding of the Nigerian environment, it leverages on the financial support, high profile, strategic performance and outstanding brand reputation of its parent company, The New India Assurance Company, which is the largest insurance company in Asia.

Looking at the company’s high ambition in increasing its market share, Prestige Assurance Plc is said to be known for its prompt claims settlement. The company which aspires to be among the top three has begun the implementation of a process that would make it a known voice and active player on the continent of Africa.


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