Unitrust Insurance Gets NAICOM Approval To Underwrite Agric Insurance

Motolani Oseni

Unitrust Insurance Company Limited has secured the approval of the National Insurance Commission (NAICOM) to underwrite agricultural risks in 2022.

A statement by the firm’s Head, Corporate Communications, Swachet Iliyasu, said the ‘no objection’ nod will enable the organisation to support farmers and service providers in the agricultural value chain for greater sustainability and economic growth.

Among the products approved for the insurer is Multi – Perils, Livestock Insurance, Poultry, fishery and Fish Farm, Area Yield Index agricultural insurance.

The Managing Director/Chief Executive Officer of the firm, John Ijerheime, stated that the agribusiness sector in Nigeria needs insurance to remain sustainable and achieve long-term growth.

He said stakeholders in the agricultural value chain must embrace insurance if they want to reduce risk by transferring the burden to insurers for effective risk management.

With the approval, Unitrust Insurance Co. Ltd is now well-positioned to broaden its product offerings to consumers in line with the federal government’s objective to deepen insurance penetration.

Unitrust was founded in 1981 and commenced operation in 1986, with branches spread across Nigeria, carrying out contracts of general Insurance business.

It specialises in Oil & Gas, Engineering, Motor, Marine & Aviation, Personal Accident & Travel Medical Assistant, Workmen Compensation/ Employers Liability, Public/Products Liability, Bonds, Burglary, Goods-in-Transit, Fidelity Guarantee, Professional Indemnity and Directors/ Occupiers Liability