NAICOM approves Sanlam Insurance underwriting agric business
Sanlam General Insurance Nigeria Ltd. has secured the approval of the National Insurance Commission (NAICOM) to underwrite agricultural business risks.
The Managing Director of the company, Mr Bode Opadokun, said this in a statement on Tuesday in Lagos.
Opadokun said the regulator’s approval would further position Sanlam to broaden its product offerings and deepen insurance penetration in Nigeria.
He said that the risk mitigation services offered by the insurer cut across the entire agricultural value chain.
Opadokun listed some of the products offered to include: multi-peril crop insurance, area yield index insurance, weather index insurance, livestock insurance and poultry insurance.
Others are agricultural goods-in-transit insurance, farm property and produce insurance which comprises agro-produce in warehouse and farm machineries.
Opadokun said that Sanlam’s agricultural insurance products are designed to protect farmers across the agricultural value chain against the insured perils of fire, flood, drought, windstorm, pest and diseases.
“In a bid to have significant agricultural productivity, the company brings into the sector unique value proposition such as human assets, experience and professionalism.
“We also make available deployment of bespoke products and services as well as prompt claims payment.
“We are excited to underwrite agricultural risks, having robust agricultural insurance professionals and technical experts in the Nigerian insurance sector at our disposal.
“Our products are competitively priced without sacrificing quality and Sanlam Insurance remains flexible as it has carefully considered each client’s unique need in order to develop fit-for-purpose products,” he said.
According to him, clients may be able to access free farm advisory services during monitoring and inspection and regular access to veterinary surgeons and animal health nutritionists.
He said that farm consultancy services would also be made available at zero or minimal costs.
On claims payment, Opadokun said that the insurance firm considered prompt claims processing and settlements as critical success factors to its business model.
He noted that this was a cardinal part of its strategy to ensure customer satisfaction at all times.
Sanlam General Insurance Nigeria Ltd. is a subsidiary of Sanlam Life Insurance Nigeria Ltd, incorporated to transact general insurance business in Nigeria.
