Business
LEADWAY Assurance has partnered with Pula Advisors and Heifer International to launch Pay-At-Harvest Insurance Scheme for Nigerian crop farmers.
Mr Ayoola Fatona, Head, Regional Technical Services and Agric Insurance, Leadway Assurance, said this at a webinar organised by Leadway Assurance.
The theme of the webinar is “Climate Change: The Evolving Future of Agribusiness”.
Fatona said that the product was designed to safeguard farmers’ livelihoods against the growing threats of climate change and global warming.
Fatona described the insurance product as the most effective protection package for smallholder’s crop farmers in the country.
He explained that the product also allows farmers to access insurance coverage without the financial pressure of upfront payments.
According to him, premiums for the insurance cover are deferred until the harvest period, when the farmers are in a strong financial position to make payments after selling their produce.
The Leadway official said that the premium could also be deducted from the insurance compensation paid to the farmers by the insurer after the occurrence of a loss.
“This scheme offers protection against unpredictable weather occurrences, like floods, droughts, pest or diseases, prolonged dry spell, excessive rainfall, among others, ensuring that farmers continue to thrive despite climate challenges.
“It is critical for insurance to support farmers facing the harsh realities of climate change.
“The “Pay-At-Harvest” scheme is a lifeline for smallholder crop farmers, providing them with a financial safety net,”he said.
He noted that the scheme would also ensure the sustainability of the nation’s food supply and strengthen food systems.
Similarly, Mr 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.
Idris noted that insurance was no longer a luxury but a fundamental need for farmers navigating the challenges posed by climate change.
Leadway is one of Nigeria’s leading insurer, while Pula Advisors is an insurtech focused on agricultural insurance and technology solutions, and Heifer International, a development organisation working to end hunger and poverty around the world.(NAN)
A.I
Oct. 16, 2024
Tags: Leadway Assurance Mr Rufus Idris
