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AIICO Begins Agric Insurance Services After NAICOM Approval

By Dipo Olowookere

Days after Linkage Assurance Plc received approval to underwrite agriculture insurance, the National Insurance Commission (NAICOM) has given another player in the sector, AIICO, the go-ahead to offer insurance services to those in the agricultural sector.

“Having recently obtained approval as an agriculture underwriter, AIICO Insurance 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’s 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,” Managing Director of the insurer, Mr Edwin Igbiti, was quoted as saying in a statement issued by AIICO.

In the statement, the company said the move is in response to the dire need for adequate insurance in protecting investments in agricultural sector.

Established in 1963, AIICO Insurance Plc is an insurance, pensions management, and asset management group in Nigeria with market-leading positions in its key business lines like life assurance and annuity; general insurance and special risks; pension management; health insurance; and asset management.

AIICO is the market leader in the life insurance and retirement services and is a market leader (top 3) in Non-Life insurance in Nigeria.

The core insurance franchise is complemented by its leading insurance asset management, pension, and health management businesses.

Overall, AIICO is currently the 2nd largest insurance company in Nigeria (by gross premiums).

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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