Stakeholders urge insurance coys to engage farmers on knowledge gap


STAKEHOLDERS from various sectors have urged insurance companies to engage farmers across the country to bridge the agriculture insurance knowledge gap existing amongst them.

The stakeholders spoke at an online ‘Insurance September’ forum convened by an insurance expert, Mr Ekerete Gam-Ikon, in Abuja on Thursday.

Gam-Ikon in the recommendations of the forum said that technology could be applied to reduce challenges faced by farmers.

”We need to build capacity within the country to improve insurance experiences of farmers,” he said.

Mr Michael Kadiri, Head, Risk Management of ThriveAgric, said that there was a need to develop the agriculture insurance market to enhance economic growth.

He said that smallholder farmers who produced about 90 per cent of food consumed in the country were not adequately sensitised on the issue of insurance.

Kadiri listed the challenges of agriculture insurance to include moral and religious belief, slow and tedious claims process and poor data collection.

Ms Comfort Onyaga, the Chief Executive Officer of Izanu Africa, an Insurtech company, said that agriculture insurance could be made as tangible as inputs to enable farmers get value for their money.

Onyaga noted that most farmers embrace insurance products without proper understanding of the products.

She called on insurance companies to demystify products for clearer understanding by farmers.

Mr Tokunbo Akingbala, the Partner Poster Villam, team of agribusiness consultants, said that insurance companies needed to reach out to farmers through cooperative societies.

Insurance September is an annual event that brings insurance policy holders together to enable them share experiences. (NAN)