ACHIEVEMENTS OF THE SCHEME

a) Increased coverage

The scheme, from inception, began with the underwriting of two crops items namely Rice and Maize and two livestock items viz: cattle and poultry. It gradually progressed into covering majority of the crops and livestock items obtainable in the country including export crops such as cocoa, Tea/coffee, cotton and Rubber. To allow for a good portfolio mix, conventional Insurance such as Fire, Motor, Contractors All-Risk, Marine, Bonds etc are being undertaken. Insurance of Fisheries, Snailery, Bee keeping and Horticultural Crops are currently being undertaken on pilot basis, as part of our innovation and desire to cover all spectrums of Agricultural endeavours.

b) Premium Generation

The corporation has, since inception, issued out almost a million policies with the volume of risk amounting to about N100 billion thereby earning the corporate a premium sum of about N2 billion.

c) Claims settlement

The corporate has, settled claims worth about N500m to various farmers and cooperative groups.

Different categories of framers including large scale, Medium scale even small scale farmers with sum insured less than N20,000.00 have all greatly benefited from the corporation’ timely claim settlement producers.

Further, On The Claim Settlement Issue, It Is The Corporation’s standard procedure that claims vouchers must be processed within 24 hours and such claims settled within a maximum of one week.

d) Increased volume of lending to Agricultural sector

The scheme has achieved one of the main objectives for which it was established, namely, encouraging lending institutions to lend more to the Agricultural sector, especially to the small and medium scale farmers. The claims settlement by NAIC has also significantly aided the credit recovery drive of the lending institutions which has allowed more farmers to benefit from the credit.

e) International Recognition

At the continental level, under the aegis of the African Insurance Organization (AIO), NAIC in collaboration with the United Nations Commission on Trades and Agricultural Development (UNCTAD) has developed guidelines for development and operation of agric insurance schemes for African countries. The Food and Agricultural Organization (FOA) of the United Nations and the world Bank have also recognized NAIC as a model for other African countries to emulate.
 

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