NAIC to Pay Compensation to Insured Farmers Ravaged by Floods

By James Emejo in Abuja

Managing Director/Chief Executive, Nigerian Agricultural Insurance Corporation (NAIC), Mrs. Folashade Joseph has assured   stakeholders that the financial institution will pay appropriate compensation to insured farmers whose agricultural farmlands were ravaged by the recent flood disaster across the country.

She said that the corporation is mindful of its corporate responsibility to provide relief and plough farmers back to prosperity through the prompt payment of appropriate compensations.

Addressing journalists in Abuja over the weekend, the NAIC boss further urged insured farmers to make all efforts possible to avert and minimise the untoward effects of the torrential rains and floods on their farms by promptly informing the nearest NAIC office in their states of their travails so appropriate support will be extended to them in a timely manner.

Unfortunately, the succour is strictly for farmers insured under its policy.

She encouraged farmers without any form of insurance for their farmlands to do so for future benefits.

She said apart from insuring the risk of loss of crops from flood, NAIC also provides insurance against crop losses arising from fire, lightening, drought and pests,  adding that the risks of death of, or injury to livestock caused by accident, disease, fire, lightening, storm or flood are insured by the corporation.

“And the beauty is that the assessed premium payable to NAIC is subsidised. The subsidy is 50 percent reimbursable to the corporation by the federal and state governments. All these are efforts to provide a secure future to farmers and eliminate the need for unpredictable ad-hoc assistance when insurable losses occur,” Joseph said.

“To other farmers who might have suffered from losses arising from the floods but did not have NAIC cover, the Corporation wishes to equally sympathize and encourage them to in future, take advantage of the agricultural insurance solutions of the Corporation, in accordance with the policies of the government of His Excellency, President Muhammadu Buhari to offer protection to farmers who have answered the patriotic call to go back to agriculture,” she added.