There are a lot of perils and uncertainties that come with farming. You could enjoy a good harvest this year, and a flood could come and wash away all your crops the next year. Despite your best planning, hard work, care and hope, there’s hardly anything you can do when disaster strikes. But you could always guard against it with insurance. No farmer would wish for something to go wrong with their harvest, but it’s also not a bad investment to get insurance in case anything goes wrong.
A farm requires a lot of attention and care. Choosing an insurance provider is a burden enough without adding to the already heavy workload that comes with caring for crops or livestock. Being aware of every insurance in Nigeria will help with your selection, something you probably don’t have time for. Fortunately, I am here to assist with that.
There are several insurance companies in Nigeria, and in this article, I’ll outline the top 10. Let’s dive in!
1. Leadway Assurance Company Limited
One of Nigeria’s top insurance service providers, Leadway Assurance Company Limited is known for its dependability and effectiveness.
Leadway Assurance Company, established in 1970, is the top composite insurance underwriter in Nigeria. They have established a strong reputation throughout the years based on their integrity, prompt claims settlement, and innovative service.
They provide various insurance products including agricultural insurance. Their agricultural insurance provides farms, crops, cattle, and other property with varying levels of coverage. Their insurance protects against losses caused by fire, lightning, floods, explosions, windstorms, earthquakes, volcanic eruptions, and even aircraft crashes.
How to get a quote from Leadway
- Visit leadway.com/agric-insurance
- Select “Get a quote”
- Fill out the required information
- Follow the prompts to complete the purchase
2. Sanlam Insurance Plc
The agricultural insurance policy that Sanlam Insurance Plc offers is intended to shield farmers from monetary losses and provide them with peace of mind in the face of dangers and uncertainties.
There are a lot of hazards and unknowns in agriculture not limited to, uncontrolled pests and illnesses, low yields, post-harvest losses, and natural disasters. They have a wide array of agricultural insurance products including:
- Multi-Perils Crop Insurance
- Poultry Insurance
- Livestock Insurance
- Area Yield Index Insurance
- Fish Farm Insurance
- Weather Index Insurance
- Insurance for Farm Property and Produce
How to get a quote from Sanlam
- Visit sanlam.com.ng/retail/general-insurance/agriculture-insurance
- Click on “Buy Now” to view a list of their general insurance products
- Select Agricultural Insurance from the list of products
- Provide the required information and you will be contacted by a representative and guided through the next steps
3. Nigerian Agricultural Insurance Cooperation
The government’s worry about the void left by conventional insurers’ reluctance to take on agricultural risks—which they deemed too risky—led to the need for a specialist agricultural insurance company to provide farmers insurance protection. As a result, on November 15, 1987, the Nigerian Agricultural Insurance Scheme was established.
Thus, the Nigerian Agricultural Insurance Corporation is a fully-owned insurance subsidiary of the Federal Government of Nigeria that was established specially to provide agricultural risk insurance to Nigerian farmers.
National Agricultural Insurance Cooperation is an insurance company owned by the government that provides farmers with 50% discounted agriculture insurance. They also provide insurance and agricultural extension services for free.
How to get a quote from NAIC
- Visit the closest NAIC office
- Gather and fill out the appropriate application materials
- Your farm will then be inspected by NAIC authorities
- The insured pays the premium, and NAIC issues a premium receipt.
4. IGI Insurance
IGI is a private insurance firm that is incorporated in Nigeria. It has representative offices in London, branches around the country, and subsidiaries in The Gambia, Uganda, and Rwanda. IGI Insurance has developed five(5) cutting-edge products as part of its strategy plan to address the issues facing the agriculture sector and fulfil its share of the national development quota. They are:
- Multicrop Peril Insurance Policy
- Plantation Fire Insurance Policy
- Policy for Poultry Insurance
How to get a quote from IGI
- Purchasing insurance starts with the farmer getting and filling out the proposal form.
- The farm is then inspected by a group of IGI specialists or consultants, and after an acceptable risk assessment report, coverage starts when the farmer pays the premium.
5. Prestige Assurance Plc
Prestige Assurance Plc has been in business for over 70 years and is one of the best insurance companies in Nigeria. Following permission from the National Insurance Commission (NAICOM) in 2018, Prestige Assurance Plc introduced Agricultural Insurance products in 2019. The purpose of agriculture insurance is to shield Nigerian farmers from the impacts of natural disasters employing a system that guarantees indemnity in the form of compensation that is enough to sustain these farmers’ businesses in the event of a loss.
Losses resulting from unavoidable hazards, such as lightning and natural fires; storms, hailstorms, cyclones, typhoons, hurricanes, tornadoes; floods, landslides, droughts, dry spells; and fish pond collapses brought on by fires or other events; death, diseases or pests, wild animal incursions into farms, etc. Malicious damage, losses from war and nuclear threats, and other avoidable risks are not covered.
Available products include:
- Prestige Crop Insurance
- Prestige Poultry Insurance
- Prestige Fishery Insurance.
How to get a quote from Prestige
- Visit prestigeassuranceplc.com/Agricultural-Insurance
- Select “Get a quote” at the bottom of the page
- Fill in the correct information and submit
- Follow the prompts to complete your purchase
6. NEM Insurance
The agricultural insurance offered by NEM is called ‘Farmers’ Comfort’. This policy is carefully designed to provide farmers with relief if unanticipated events arise. Its goal is to protect their anticipated profits in addition to ensuring the continuation of their firm.
There are five products available under NEM’s agricultural insurance policy. They include:
- Multi-Perils
- Crop Policy
- Poultry Policy
- Fishery Policy
- Livestock Policy
- Farm Properties
- Produce Policy
How to get a quote from NEM
- Visit the official NEM agricultural insurance website at nem-insurance.com/Agricultural-Insurance
- For Claims call +234-8117935563
- For Underwriting call +234-8077284631
7. Pula
Pula is a firm that specializes in agricultural insurance and technology. The company’s mission is to provide smallholder farmers with new farm insurance and digital solutions that will assist them in defending themselves against yield risks, enhancing their farming techniques, and increasing their earnings over time.
They have plans that cover either crops or livestock against a wide range of perils including terrible climate, pests, diseases, and more.
How to get a quote from Pula
- Visit the official Pula website at pula-advisors.com
- Select “Contact Us” at the top right-hand corner of the page
- Fill out the contact form and be sure to choose “Quotation” as your reason for contacting them.
- Submit the form and wait for a representative to contact you. You will be guided on the next steps to follow to get a quote.
8. Scib
Scib provides insurance and reinsurance broking and advisory services, and they are known for their expertise, professionalism, and innovative products and services.
How to get a quote from Scib
- Visit Scib’s general claims guide at scibng.com/general-claims-guide and read through the information provided.
- Call or send an email to (234) 808 5852 816 or [email protected] respectively for more information on how to get a quote.
9. Universal Insurance
In 1961, the Eastern Nigeria Development Corporation (ENDC) and Pearl Assurance Company Limited of London formed an association that resulted in the creation of the Universal Insurance Company Limited (UNISURE), which is currently known as Universal Insurance Plc. Today, Universal Insurance has become one of the best insurance companies in Nigeria. They provide a wide range of insurance policies including agricultural insurance.
There are now three plans offered by Universal Insurance under their agriculture insurance program. These include:
- Universal Poultry Insurance
- Universal Livestock Insurance Policy
- Universal Fish Farm Insurance
How to get a quote from Universal
- Visit universalinsuranceplc.com/agricultural-insurance
- Go through the information on agricultural insurance
- At the bottom of the page click on the icon that says “Request a Quote”
- Fill out the form with the required information and submit
10. Fin Insurance
On April 24, 1981, FIN Insurance Business Limited (formerly Yankari Company Limited) was established as a limited liability business with the Bauchi State Government as its sole owner. It started operating on January 1st, 1983, after registering as a licensed insurance in 1982.
FIN Insurance has favourable international reinsurance agreements with both domestic and international reinsurers. The firm constantly changes and reinvents itself, much like many legacy businesses that fervently want to remain relevant in the world in which we work.
Fin Insurance offers various insurance policies to help guard their customers against uncertainties and risks. Among their services is agricultural insurance, under which they have the following products:
- Poultry Farm Insurance
- Fishery and Fish Farm Insurance
- Multiperils Crop Insurance
- Livestock Insurance
- Farm Property and Produce Insurance
- Area Yield Index Insurance.
How to get a quote from Fin
To get a quote for agricultural insurance, visit their official website at finsurance.com.ng and navigate to the quote section.
