December 9, 2022

Sanlam General gets NAICOM approval to underwrite agric risks

1

Sanlam General Insurance Nigeria Limited, has secured approval from the National Insurance Commission (NAICOM) to underwrite agricultural risks.

The Managing Director of the company, Bode Opadokun, speaking during the launch of the scheme, said that NAICOM’s approval to underwrite agricultural insurance would further position Sanlam General Insurance Nigeria Limited to broaden its product offerings and deepen insurance penetration in Nigeria.

The insurer disclosed that the risk mitigation services it offers cut across the entire agricultural value chain and some of the products it offers include; multi-peril crop insurance, area yield index insurance, weather index insurance, livestock insurance, poultry insurance, agricultural goods in transit insurance, farm property and produce insurance (Agro produce in warehouse and farm machineries).

Sanlam General Insurance Nigeria Limited Agric 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, deployment of bespoke products and services as well as prompt claims payment.

Addressing journalists during the launch in Lagos, Mr. Opadokun, said the company is excited to underwrite agricultural risks having robust agricultural insurance professionals and technical experts in the Nigerian insurance sector at its disposal.

He reiterated that Sanlam General Insurance Nigeria Limited products are competitively priced without sacrificing quality and the company remains flexible as it has carefully considered each client’s unique need in order to develop fit-for-purpose products.

The Managing Director further revealed that clients may be able to access free farm advisory services during monitoring and inspection, and regular access to veterinary surgeons and animal health nutritionist as well as the provision of farm consultancy services at zero or minimal costs.

On claims payment, Opadokun said: “We consider prompt claims processing and settlements as critical success factors to our business model as this is a cardinal part of our strategy to ensure customer satisfaction at all times,”

Sanlam General Insurance Nigeria Limited, a subsidiary of Sanlam Life Insurance Nigeria Limited. The company was incorporated to transact general insurance business in Nigeria and currently operates throughout Nigeria.

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