Benedict Ujoatuonu, MD/CEO Universal Insurance Plc
BY NKECHI NAECHE-ESEZOBOR—Foremost Underwriting firm, Universal Insurance Plc has secured the approval of the National Insurance Commission (NAICOM) to underwrite agric insurance in the Nigerian insurance industry.
The ‘no objection’ nod will enable Universal Insurance support farmers and service providers in the agricultural value chain for greater sustainability and economic growth.
Among the products approved are: Fishery Agricultural Insurance Plan and Poultry Agricultural insurance plan.
In a statement made available to journalists, the Management of Universal Insurance stated that the agribusiness sector in Nigeria needs insurance to remain sustainable and achieve long term growth expectation.
The statement further maintained that stakeholders in the agricultural value chain must embrace insurance if they want to reduce retained risk by transferring the burden to insurers for effective risk management.
With this approval, Universal Insurance Plc is now well positioned to broaden its product offerings to consumers, which is in line with the federal government’s objective to deepen insurance penetration in Nigeria.
The Company by this development, is strategically accelerating its business objective of building a dominant company in the Nigerian insurance industry.
Universal Insurance Poultry policy covers death of the poultry animals resulting from accident or disease while the Fishery policy covers loss of fish caused by death and cost of reconstruction of fish pond in the event of collapse.