The National Insurance Commission (NAICOM) has given its approval to AIICO Insurance Plc to underwrite agricultural business in the country.

The company said it is taking strategic position to be a major player in offering Agriculture Insurance, in a bid to deliver the much-needed protection to the different players in the sector’s value chain.

The company said it is uniquely positioned to offer Agriculture Insurance to Nigerian farmers at all levels, as well as investors looking to tap into the huge potentials of the sector, through its value-based insurance propositions.

The company stated that its competitive edge is hinged on its understanding of the exact needs of farmers through the application of knowledge and expertise in this line of insurance business.

The Managing Director/Chief Executive Officer, Edwin Igbiti, said NAICOM’s approval underscores the regulator’s confidence in the company’s capacity and competence to support the sector.

With an average contribution of 24 per cent, he stated that agriculture has remained a significant contributor to Nigeria’s GDP.

“Being the provider of employment for over 60 per cent of the population, agriculture is pivotal to economic development and more of the efforts to revive the economy, reduce significantly the level of poverty, should be devoted to energising the agriculture sector,” he said.