By Modupe Gbadeyanka
An approval has been given to one of the leading insurance companies in Nigeria, Linkage Assurance Plc, to provide insurance services to key players in the agricultural sector of the economy.
The approval was granted by the National Insurance Commission (NAICOM) and said the firm can start products and services like Linkage Assurance Crop Insurance Solutions; Linkage Assurance Farm All Risk Insurance; Linkage Assurance Farm Motor Insurance; and Linkage Assurance Livestock Insurance solutions.
Linkage Assurance Crop Insurance Solutions provides cover against unavoidable loss of crops or resulting directly from the insured perils, example flood, drought, excessive rains, hailstorm, diseases and pest, with covers including Weather Index Crop Insurance; Area Yield – Index Crop Insurance and Multi-peril crop insurance.
The Linkage Assurance Farm All Risk Insurance is designed to cover the farm buildings/contents, farm products and machineries against theft and fire. It also provides cover on general accident for farm staff and farmer’s legal liability.
While, Linkage Assurance Farm Motor Insurance protects the insured for loss of or damage to vehicles used in the farm or agricultural business, damage to Third Party property including bodily injury and death to third parties caused by accident.
Linkage Assurance Livestock Insurance solutions is specially designed to cover the farmer’s stock with one simple policy, which can provide immediate protection against death due to accident; death due to illness or disease; loss of use due to accident; and loss of use due to illness.
A statement issued by Linkage Assurance disclosed that the Nigeria’s agribusiness sector needs insurance to remain sustainable and achieve long term growth expectation.
Linkage said stakeholders in the agricultural value chain needs to embrace insurance by reducing retained risk and transferring the burden to insurers for effective risk management.
With this approval, Linkage Assurance Plc is now well positioned to broaden its product offerings to consumers, which is in line with the federal government objective to deepen insurance penetration in Nigeria.
Linkage Assurance by this development is strategically accelerating its business objective of building a dominant company in the Nigerian insurance industry.
Adedapo Adesanya