Africa Re, IFC seal agreement to develop agricultural insurance market

By Asishana John

Africa Reinsurance Corporation (Africa Re) and the International Finance Corporation (IFC), a member of the World Bank Group, have sealed an agreement to develop agriculture insurance market space in Nigeria.

Under the agreement, Africa Re, a pan-African reinsurance organisation, and IFC’s Global Index Insurance Facility will help Nigerian insurance companies develop agricultural insurance products, and deepen their index insurance business lines.

Speaking on the partnership, Deputy Managing Director/Chief Operating Officer, Africa Re, Ken Aghoghovbia, said: “This initiative would certainly go a long way in moving Nigeria towards its goal of food security in line with Africa-Re’s mission to support African economic development.”

However, we are excited to be partnering with IFC in assisting Nigerian insurers to develop appropriate insurance products for smallholder farmers. This initiative will certainly help move Nigeria towards its goal of food security and it is in line with Africa Re’s mission to support African economic development.”