Agricultural Insurance is a policy which involves the insured (farmer) paying a little sum (premium), usually in percentage to an insurance company (insurer) to guarantee against loss due to any of the perils (death, flood, drought etc) covered for a particular period of time (usually not more than one year) with a promise to indemnify (pay back the value of loss) should such occur.
Industrial And General Insurance Plc is the foremost private insurance company in Nigeria licensed by the National Insurance Commission (NAICOM) to underwrite agricultural investments. The idea is that should loss occur, regardless of the source of finance, the farmer will be reimbursed as soon as possible to the value of the loss to enable him/her return to business.
In our strategic disposition to meet the challenges in the agricultural industry and contribute our quota to national development, IGI has crafted five (5) innovative products to ensure sustainable growth. They are;
- Poultry Insurance Policy
- Fish Farming Insurance Policy
- Livestock/Bloodstock Insurance Policy
Each of these animal insurance policies indemnifies against death due to diseases and accident of any sort
4. Multicrop Peril Insurance Policy
5. Plantation fire Insurance Policy
These plant insurance policies indemnify against loss due to fire, flood, drought, pests, diseases and theft.
Buying a policy begins with obtaining and completing the proposal form by the farmer. This is followed by an inspection of the farm by a team of experts from IGI or consultants appointed by IGI and after satisfactory risk assessment report, cover commences with the payment of premium by the farmer.
FREQUENTLY ASKED QUESTIONS (FAQs) ON IGI AGRICULTURAL INSURANCE
1. What is IGI Plc?
IGI is a registered private insurance company in Nigeria with branches in Nigeria and subsidiaries in The Gambia, Uganda and Rwanda with representative offices in London
2. Who owns IGI?
IGI is a public liability company with shareholders cut across every stratum of the society
3. Why is IGI in Agricultural Insurance?
There is a vast potential for agricultural insurance market in Nigeria and to make it private sector driven
4. What are the objectives of IGI Agricultural Insurance?
The main objective of IGI Agricultural insurance is to mitigate the financial loss of farmers in the event of crop/livestock failure due to natural disasters such as flood, drought, windstorm, pests and diseases. Also there is the need to provide sound technical advisory services for farmers in order to minimise the risk of loss.
5. What are the benefits of IGI Agricultural Insurance?
- Financial compensation in the event of loss
- Stabilization of farmer’s income
- Technical advisory services
- Collateral security for loans
6. What Agricultural Insurance products does IGI offer?
- Multi-peril Crop Insurance Policy
- Poultry Insurance Policy
- Livestock Insurance Policy
- Fish Farm/Fishery Insurance Policy
- Plantation Fire Insurance Policy
- Farm All Risk Insurance Policy
7. What are the risks covered?
- Loss of and damage to the crops due to fire, flood, drought, windstorm, lightening, pests and diseases.
- Death of Livestock/Birds/Fish due to accident or diseases
8. How can I get my farm investment covered by IGI Agricultural Insurance policies?
- Obtain the relevant proposal form by visiting any of the IGI offices nearest to you.
- Complete the proposal form and return same to us
- Inspection of the farm by our team of experts
- Premium computed and paid by the farmer
- Policy cover issued to the farmer promptly
- Visit our website at www.iginigeria.com for online transaction
9. How much would I pay for the insurance cover?
Poultry/Livestock/Fishery: 2.5% of the sum insured
Crops: 2.0% of the sum insured
Plantation: 1.5% of the sum insured
10 How will I calculate the sum insured?
Poultry: cost of day old, feeding, medications e.t.c.
Fishery: cost of fingerlings, feeding, and other inputs
Livestock: cost of purchase, feeding and other inputs
Crop: cost of seeds, land clearing, chemicals and other inputs
11 Does IGI grant loans to farmers?
No. IGI does not grant loans but provides insurance cover for loans from lending institutions.
We also link you up with agriculture friendly financial institutions.
12 Can my policy facilitate an easy access to agricultural loan?
Yes, the policy can serve as a collateral security for loans
13 What are the measures put in place in the event of catastrophic losses?
We have reinsurance arrangements in the form of treaties, coinsurance and facultative types that will ensure that claims are paid as at when due
14 What is the difference between IGI products and that of other agricultural insurance service providers?
IGI Agricultural insurance products can be customized to meet your specific needs for optimum protection of your investment
15 Who shall I contact for further information?
Adeyemo- 08034365489, Ganiyu- 08033254041, Jude-08030645826