Leadway Assurance Launches Index-Based Livestock Insurance

Ebere Nwoji

Leadway Assurance, said it has  launched an  Index-Based Livestock Insurance (IBLI), a groundbreaking product that will reshape the insurance landscape in the country. 

The company said this  innovative insurance offering would enhance the agricultural sector and provide unprecedented climate-smart risk management support to Nigerian Livestock farmers, cattle herders and pastoralists. 

Index-Based Livestock Insurance is a unique insurance product that relies on real-time data and indices, such as weather patterns and livestock health indicators, to determine compensation for farmers in the event of losses. 

Speaking on the product,the  Head of Agric. Insurance at Leadway Assurance, Mr. Fatona Ayoola, expressed his excitement about this milestone in the insurance industry, saying, “The introduction of IBLI is truly a game-changer for Nigerian farmers involved in the livestock production value chain.” 

He noted that for  too long, farmers have been exposed to the unpredictability of weather conditions, attributable to climate change and other unforeseen events that could devastate their livestock, thereby affecting their livelihoods.

Speaking  Managing Director,  Leadway Assurance, Mr. Tunde Hassan-Odukale, commented on the strategic importance of the product for the Nigerian insurance industry, stating, “This launch represents a pivotal moment in our industry’s history. We are redefining insurance product development in Nigeria by leveraging technology and big data to create solutions that directly address the needs of our clients. Index-Based Livestock Insurance is not only a testament to our commitment to innovation but also a testament to our dedication to supporting the growth of Agriculture in Nigeria.”