The symposium aims to kick off an annual cycle of such eventsbringing together a unique community operating in the area ofAgricultural Index Insurance and therefore creating a highly specialized community of practice. Beyond the annual event the country level experts will form clusters and with support and mobilization of external solicitors will connect on an interim half year basis virtually to monitor and report on progress made.

During the symposium, Leadway will contribute to the panel discussion on ‘Scaling Agricultural Index Insurance for Resilient Food Systems’ – The private sector perspective and present a case study on innovative insurance models tailored for smallholder farmers.

The Group will also participate in the Solution Showcase segment, where it will highlight the Leadway WeatherGuard product and share insights on collaborative initiatives that foster public-private partnerships for climate adaptation.

Themed “How Africa’s Insurers are Reshaping Climate Resilience from the Ground Up,” the symposium brings together insuranceexperts, development partners, and Agricultural stakeholders to explore practical, scalable responses to climate risks.

Leadway’s participation in the symposium aims to demonstrate how locally tailored made Agricultural Index insurance products have provided climate resilience for over three million Nigerian farmers, providing timely payouts in excess of N15 Billion in payouts over a five year period.

This approach supports have farmer livelihoods, enables reinvestment, and underlines insurance’s role in strengthening food security and economic stability for African communities.

Speaking ahead of the event, Mr. Fatona Ayoola Paul, Leadway’s Global Head of Agricultural Risk Solutions, emphasised the urgency of strengthening Africa’s resilient frameworks through innovation, partnerships and collaboration.

He explained that Leadway’s agricultural index insurance model stands out for using weather data and satellite technology to trigger automatic payouts when adverse conditions, such as drought or excessive rainfall, are recorded.

Unlike traditional indemnity insurance, this approach eliminates the need for costly, time-consuming farm assessments, enabling faster support to farmers.

The insurance also offers bundled services, such as agronomic advisory services and digital enrollment, ensuring practical accessibility and greater impact for smallholder farmers.

“The demand for scaling Africa’s agricultural production is happening at interesting times when climate uncertainties and vulnerability are providing opportunities for innovation. This is where the Agricultural index insurance becomes an innovative concept that is now a practical tool transforming livelihoods across the continent. Platforms like this symposium allow us to deepen collaboration, share proven models, and accelerate impact to broaden such ingenious interventions across the continent,” he said.

The Africa Climate Insurance Symposium unites agricultural index insurance experts to build a dedicated community of practice. It drives cross-country collaboration among insurers, regulators, governments, and development partners, while encouraging international knowledge exchange. Through formal discussions and informal networking, participants will quickly share and replicate successful models to enhance regional cooperation.

The event brings together leaders and partners active in the insurance value chains such as Insuresilience Investment Funds (managed by Blue Orchard), Africa Reinsurance Corporation, Swiss Reinsurance, Continental Reinsurance, Pula Advisors, the Global Secretariat (BMZ/KFW), World Bank Global Shield Financing Facility, the Gates and Bayer Foundation among others to advance climate risk finance in Africa and continue laying the groundwork for regional replication.

With collaboration from key organizations and public-private partnerships, the symposium advances accessible, innovative insurance that bolsters African climate resilience and supports vulnerable communities. Leadway exemplifies African leadership through its actionable solutions and insights.

About Leadway Group

Leadway is a trusted Nigerian financial services group specializing in insurance, pensions, and wealth solutions. Known for innovation and strong governance since 1970, Leadway helps clients safeguard and grow their assets, reinforcing its leadership in the sector.

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The collaboration provides merchants with access to comprehensive, easy-to-understand insurance coverage that safeguards their income, assets, and day-to-day operations.

Beyond coverage, the initiative focuses on building risk resilience by equipping merchants with clear guidance on product benefits, claims processes, and best practices for managing business risks—enabling them to recover quickly from unforeseen events and operate with greater confidence.

“At Doroki, we see our merchants as partners in driving economic activity across Nigeria’s retail landscape. This partnership with Leadway—an insurer with decades of experience and a strong reputation for reliability—means our merchants can focus on growing their businesses with the peace of mind that they’re protected,” said the General Manager of Doroki Merchants, Arike Okwunowo.

Commenting on the development, Head of Digital Business, Leadway, Diana Mulili reiterated Leadway’s commitment to expanding access to financial security for every Nigerian. “At Leadway, we believe insurance should integrate seamlessly into the everyday realities of people and businesses. By partnering with Doroki, we are embedding practical, easy-to-understand insurance solutions into a platform merchants already trust—helping them protect their income, assets, and livelihoods while continuing to grow with confidence.”

This collaboration not only provides financial protection for Doroki merchants but also fosters a culture of preparedness, awareness, and informed decision-making—key pillars for sustainable business growth in an unpredictable environment.

About Paga / Doroki

Paga, through its Doroki merchant platform, delivers digital payment and value-added services to thousands of merchants across Nigeria—enabling secure payments, cash handling, and financial access solutions that support everyday business activities.

About Leadway Assurance

Leadway Assurance is one of Nigeria’s foremost non-banking financial services groups, offering diversified solutions across insurance, pensions, health, trusts and asset management. Founded in 1970, the company has built a legacy of trust and innovation, serving individuals and businesses across Nigeria and West Africa.

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BY NKECHI NAECHE– ESEZOBOR–Leadway Assurance has emerged as the Insurance Company of the Year at the prestigious 2024 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

This recognition celebrates Leadway’s exceptional service, innovation, and enduring commitment to redefining insurance in Nigeria.

The BAFI Awards, now in its 12th year, is known as the most rigorous and transparent award programme in Nigeria’s financial industry. It celebrates innovation, value creation, and the highest standards of excellence among financial institutions.

The insurer’s win in this year’s category is a testament to the company’s continuous strides in driving market leadership by reshaping its customer experiences through advanced digital solutions, operational excellence, and a customer-first approach.

Gboyega Lesi, Managing Director of Leadway Assurance, spoke about the importance of the award: “At Leadway, our mission has always been to be the most dependable and steadfast partner in times of need. Receiving the ‘Insurance Company of the Year’ award is a tremendous honour, affirming the values driving our commitment daily. Insurance is more than just a protective measure; it’s an enabler of dreams and aspirations. This recognition strengthens our resolve to make insurance accessible to every Nigerian, offering solutions that evolve with their needs.”

“Our commitment to innovation has been instrumental in broadening insurance access through digital platforms and strategic partnerships, facilitating seamless risk management for large-scale underwriting. Equally, we have earned enduring loyalty by consistently honouring our claims commitments with promptness and integrity, upholding our clients’ unflinching trust in us.”

“As we look to the future, we will continue to set the standard, challenge expectations, and provide unmatched services that transform the place of insurance in Nigeria. We aim to rewrite the narrative and create an industry where insurance is more accessible, trusted, and seen as a catalyst for growth and financial recovery in daunting times.”

This recognition highlights its dedication to unmatched service delivery, as exemplified by its industry’s excellence in claims payout, backed by an increasing year-on-year industry-leading payout for eight consecutive years.

As Insurance Company of the Year, it reinforces its commitment to shaping Nigeria’s more inclusive and resilient insurance culture. The organisation is setting the stage for a future where every Nigerian can confidently rely on insurance as a trusted partner in their life journey.

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The “Pay-At-Harvest” insurance scheme, designed to shield crop farmers from the unpredictability of weather risks, especially climate-induced risks, stands out as the most effective protection package for smallholder’s crop farmers in the country.

This innovative insurance product allows farmers to access insurance coverage without the financial pressure of upfront payments. Instead, premiums are deferred until the harvest period, when the farmers are in a strong financial position to make payments after selling their produce or from the insurance compensation paid to them by Leadway after the occurrence of a loss.

This scheme offers protection against unpredictable weather events like floods, droughts, pest/diseases, prolonged dry spell, excessive rainfall etc. ensuring that farmers continue to thrive despite climate challenges.

At a recent webinar organised by Leadway Assurance themed “Climate Change: The Evolving Future of Agribusiness,” Ayoola Fatona, Head, Regional Technical Services and Agric. Insurance at Leadway Assurance, highlighted the critical importance of insurance in supporting farmers facing the harsh realities of climate change. He emphasised that the “Pay-At-Harvest” scheme is a lifeline for smallholder crop farmers, providing them with a financial safety net.

“Climate change poses significant risks, particularly for those in the agricultural sector,” said Fatona. “Our Pay-at-Harvest model ensures that farmers are covered without the stress of immediate premium payments, allowing them to focus on what they do best, producing food for the nation.”

Similarly, Rufus Idris, Country Director of AGRA, reiterated the necessity of insurance as a critical tool for farmers to protect their investments and mitigate climate risks. He noted that insurance is no longer a luxury but a fundamental need for farmers navigating the challenges posed by climate change.

Leadway’s partnership with Pula Advisors and Heifer International in delivering this innovative insurance solution reflects the company’s commitment to supporting the agricultural sector and promoting resilience among Nigeria’s farmers.

As climate change continues to affect traditional farming practices, the “Pay-At-Harvest” insurance scheme is positioned as the best package to protect crop farmers’ investments, ensure the sustainability of the nation’s food supply and the strengthening of our food systems.

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GCR Ratings, a leading African rating agency, acknowledged in its latest report Leadway Assurance’s strong financial profile, well-established market position, and robust operational framework. The rating reflects the company’s prudent risk management practices and ability to navigate challenging economic conditions while maintaining stable performance.

The rating agency also highlighted the company’s ability to sustain its competitive edge within the market, “The affirmation of Leadway Assurance’s rating is supported by its extensive brand recognition, long-standing presence in the insurance sector, and consistent operational excellence. The insurer’s prudent capital management strategies have enabled it to maintain robust solvency levels and an industry-leading asset base.”

In addition, GCR affirmed that the rating process for Leadway Assurance was conducted with full independence and integrity. “No aspect of the rating was influenced by any business activities external to the evaluation. Our assessment was based entirely on the financial merits and risk profile of Leadway Assurance, conducted through virtual interactions and correspondence with the rated entity.”

Speaking on the reaffirmation, the Managing Director/Chief Executive Officer of Leadway Assurance, Gboyega Lesi, stated: “This rating validates our strategic drive to bolster financial and operational resilience. At Leadway, we remain determined to promptly fulfill our obligations to clients, regardless of the scale. The AA+ rating not only reflects our strong financial foundation but it also reinforces our stakeholders’ trust in us.

“Following GCR’s initial rating of Leadway with an ‘A(NG)’ in claims-paying ability in 2001, we have consistently demonstrated our dedication to financial excellence.” In the last eight years alone, Leadway has paid over NGN 338 billion in claims, further cementing our position as a reliable and trusted insurance provider in Nigeria. Over the years, we have also focused on leveraging digital transformation, innovative solutions, and sound corporate governance to deliver value-driven services. This reaffirmation by GCR underscores our resilience and dedication to continually fulfilling these obligations to our policyholders and stakeholders.” Lesi concluded.

About Leadway Assurance

Leadway Assurance is one of Nigeria’s foremost insurance service companies with a reputation for service efficiency and customer reliability.

The organisation is committed to bridging the financial protection gap and increasing insurance penetration in Nigeria.

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In a July report presented at a forum in Abuja, NEMA predicted an increase in flooding incidents across 33 states from August through October. The agency urged various sectors to begin taking precautionary measures immediately.

Gboyega Lesi also reached NEMA’s warnings, emphasising the seriousness of the situation: “Flooding poses a significant threat to communities across Nigeria, and the latest Nigerian Meteorological Agency (NIMET) report highlights the urgent need for proactive protection measures for individuals, families, properties and investments.”

The Nigerian Bureau of Statistics (NBS) reported that the 2022 flood disaster, deemed the worst in decades, caused about $9.12 billion in direct economic damages, as the Federal Government and the World Bank estimated.

The assessment reveals extensive damage to residential and non-residential buildings, businesses, households, and public infrastructure and significant disruption to productive and agricultural sectors.

The financial impact is overwhelming, underscoring the need for urgent action. Lesi underscored Leadway Assurance’s dedication to equipping Nigerians for rapid recovery from disaster impacts through its specialised insurance solutions tailored to the distinct challenges posed by flood-related risks.

“Our comprehensive policies offer robust protection, empowering individuals and businesses to recover quickly and effectively after a flood. We understand that each flood scenario is different, and our coverage is flexible enough to meet specific needs and circumstances.” Leadway Assurance is steadfast in helping Nigerians navigate these challenging times.

The company assures all Nigerians that its dedicated team is ready to provide guidance and support to mitigate risks and facilitate swift recovery.

About Leadway Assurance

Leadway Assurance is one of Nigeria’s leading insurance service companies, renowned for its efficiency and customer reliability.

The organisation is dedicated to bridging the financial protection gap and increasing insurance penetration in Nigeria. Leadway has also expanded its footprint into West Africa with Leadway Vie Limited, a life insurance provider, and Leadway IARD Limited, a general insurance provider, operational in Cote d’Ivoire.

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PRESS RELEASE–– Poised to strengthen climate-resistant agriculture and enhance food security, Nigeria’s lead underwriter, Leadway Assurance Company Limited, in partnership with Heifer Project International and Pula Advisors, have paid a total of N110 million to ginger crop farmers in Kaduna State.

These farmers, managed by the AFEX Commodity Exchange, suffered significant losses during the 2023 wet season.

The 2023 wet season Insurance Claims Payout Ceremony under the “Naija Unlock Signature Programme” which took place on Thursday, May 16, 2024, saw the leading insurer and its partners present the compensation payout to 1,138 ginger smallholder farmers.

The farmers’ losses were caused by a widespread outbreak of the Fusarium fungal pathogen (Ginger blight), which led to the drying up of leaves, the inhibited growth of rhizomes, and ultimately the decay of ginger crops. 

This disease affected nearly all ginger farmers in Nigeria in 2023, resulting in a dramatic decline in crop yields and substantial financial setbacks.

Speaking at the claims payout ceremony, Head of Regional Technical Services, Agriculture, Leadway Assurance, Mr Ayoola Fatona stated, “Agriculture is essential to the livelihoods of our communities, particularly smallholder farmers, and plays a key role in ensuring our nation’s food security. It is in line with this commitment and understanding that we partnered with Heifer International and Pula Advisors to swiftly respond to this urgent situation and mitigate the losses of over 1,138 farmers.”

“This partnership has been actively involved in ensuring that climate-induced challenges in the agricultural sector are tackled in order to ensure that smallholder farmers’ confidence is bolstered, food production guaranteed, and food systems resilience is mainstreamed in our attempt to support the government’s ongoing drive to address food security challenges. We are able to achieve this by ensuring that farmers’ claims are verified, catalogued and processed expeditiously anytime they suffer from harvest losses.” he added.

Also speaking, Country Director, Heifer Project International, Dr Lekan Tobe stated that “It is such a momentous gathering today as we, in conjunction with our commendable partners, Leadway Assurance, PULA Advisors and AFEX, further show our renewed commitment to smallholder farmers and ensure we proritise the continuity of their businesses despite prevailing climate challenges. Insurance is instrumental to renewing hope and mitigating losses; through this partnership and claims paid, we are confident that these farmers are properly positioned to thrive and further add their quota to the agricultural sector in Nigeria”.

Commenting on the strategic partnership, Country Manager, West Africa Anglophone, Pula Advisors, Chukwuma Kalu said “It is critical to state that this partnership is not a one-off collaboration; we look forward and have made plans to extend this initiative to smallholder farmers across Nigeria. At PULA, we are setting a roadmap with a focus on sensitisation and education for farmers to be aware and take advantage of these interventions towards bolstering food security in our country”.

Heifer Project International, a global non-profit, pre-financed the insurance premiums for the farmers at the beginning of the season providing a repayment option post-harvest.

Pula Advisors, a leader in agricultural insurance innovation, streamlined the claims assessment and payout process, ensuring transparency and efficiency in delivering financial support to the farmers. AFEX Commodity Exchange, being one of foremost commodity aggregators in Nigeria with an expansive network of smallholder farmers, continues to blaze the trail by supporting small-holder farming and increasing food productivity through its innovative value-chain financing model which leverages on insurance.

In essence, this event bears testimony to the impact of mitigating against agricultural risks that are currently experienced by the Nigerian smallholder farmers; wherein losses due to pests, diseases, climate change, and other critical factors have necessitated the inclusion of insurance in their farming programme to protect their investments against crop or harvest failures emanating from climate change perils. 

This partnership follows similar successful initiatives, such as the introduction of Area Yield Index Insurance (AYII) in 2022 to support Nigerian rice farmers. This program aimed to counteract climate-induced challenges and restore confidence among smallholder farmers in the agricultural sector.

About Leadway Assurance Company Limited
Leadway Insurance Company Limited is a leading provider of innovative Agricultural Insurance solutions in Nigeria, with a strong focus on agricultural risk management and sustainability. With over fifty years of experience, Leadway is committed to empowering communities and protecting livelihoods through comprehensive insurance coverages for all categories of Agric investors, especially smallholder farmers. 

About Heifer Project International
Heifer Project International is a global nonprofit organization dedicated to ending hunger and poverty while caring for the Earth. For over [number] years, Heifer has provided livestock and agricultural training to empower smallholder farmers and communities around the world, promoting sustainable development and resilience. 
About Pula Advisors.

PULA Advisers is a pioneering agricultural insurance and technology company that designs and delivers innovative insurance solutions to protect smallholder farmers against climate risks. With a mission to revolutionize agricultural insurance, PULA leverages data analytics and technology to provide affordable and accessible insurance

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