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Published On: Wed, Dec 11th, 2019

Africa Re, IFC lauded on contributions to agric business

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From Ngozi Onyeakusi. Lagos

African Reinsurance Corporation and International Finance Corporation (IFC) Agriculture Insurance have commended for their contributions toward the growth of agriculture in Nigeria.
Participants, mainly farmers at the just concluded agriculture workshop in Lagos, expressed their appreciation for the two for putting together the workshop, which according to them would helped to brought to fore all that are needed to take agriculture business to lofty heights.
Head, Licensing & Regulations Insurance/Reinsurance Companies, National Insurance Commission (NAICOM) Mrs. Vera Aimufua, speaking on the programmes, said it helped exposed the challenges faced by operators, in terms of index and weather based insurance programmes, stressing that one of the take aways from the event was that there are still a lot of challenges to be addressed.
She noted that from interactions she had with delegates from insurance companies, it was observed that the support from the Nigeria Incentive- Based Risk Sharing System for Agricultural Lending (NIRSAL) still remains inadequate as there is still a lot of gaps to cover.
She posited that to achieve the set objectives in the agric space, the government and underwriters should work closely to ensure underwriters are not be left to burn their fingers, adding that stakeholders need to play the game according to the rules.
Head, Agriculture Insurance, AIICO Insurance Plc, Leonard Okereafor, said he is optimistic that the potentials in agric sector would be fully harness by underwriters.
He noted that with the lesson drew from the programme, insurance operators licenced to do agric business will up their games, adding that having knew how farmers and other stakeholders feel, there would not be any room for excuses going forward.
Head, Agribusiness, Royal Exchange Plc, Chukwuma Kalu, posited that the programme was well done, as relevant stakeholders were brought together to share their experiences from their different stand points. “It is really interesting for us to see things from a business stand point. It was a very good forum to educate us on different aspects of risk management and also looking at the real business. The programme helped us understand how products could be designed and finance channeled appropriately.
“I think with the right engagement, we could achieve more. Kudos to the organisers, participants for the ideas that were brought forward. I think we can always get better, as there are a lot of room for improvement,” he said.
He noted that the programme is getting better, as the first round of the programme organised by the IFC was in 2016 in Johannesburg, South Africa. According to him, the South Africa event was very technical and meant especially for for insurers, actuarists.
“That programme was not market facing but now we are getting interaction from the real market players, policy makers which is the real blend of stakeholders. The programme is getting more robust and the engagement more impactful, we need many more of this programme,” he added.

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