AGRICULTURAL INSURANCE AND WHERE A FARMER CAN GET INSURED

Most countries in the world are now starting to understand the need and benefits of agricultural insurance especially in Africa, critical stakeholders especially farmers, recognize well enough the importance of risk management and risk transfer without them, it is impossible to develop a financially stable industry with an accessible and affordable food supply chain that will also help to boost the nation’s Gross Domestic Product (GDP). Farmers all over the world are perpetually anxious about the possible outbreak of natural disasters like flooding, hurricane etc which is on the increase recently.

Like in Nigeria  the Tuba absoluta  virus which decimated th tomato crop, a few months back in Jigawa, Kaduna, Kano, Kastina, and Nasarawa states. The impact was felt around the country.

Also the recent flooding in Makurdi, Kwara and other states in Nigeria and even in the USA have left many farms with great losses all over.

This is where agricultural insurance comes in, Agricultural insurance is the primary risk management tool farmers use to recover  from natural disasters and volatile market fluctuations ; pay their banks , fertilizer suppliers, feed suppliers, equipment providers and landlords, purchase the production input for next season and give the confidence to make long term investments that will increase their production efficiency.

 It is for this reason  agricultural schemes should be established in countries but this fundamental responsibility should not be for government alone. Food security in a rapidly growing world is a matter of concern to everyone. According  to the United Nations the global populations is projected to increase by 33percent within the next 30 years , and with it an estimated 70percent increase in demand for food.

 In Nigeria where I come from we have the following insurance schemes for farmers;

GOVERNMENT OWNED:

Nigeria Agricultural scheme established in 1987.

PRIVATE OWNED:

Leadway Assurance provides Leadway agriculture insurance established in 1970.

Mansard Insurance PLC  established in 1989

Farmers requirements for agricultural insurance

Agricultural insurance covers a farmers during 1. Loss of crops or animals 2. Diseases and pests 3.fire 4. Drought  5.flood  6.windstorm  7. Accident 8.explosion 9. Aerial impact and lightening.

In other to acquire an Agricultural Insurance the following are required to be provided by the farmer;

- Type of crop or animal

- Size of farm

- Expected planting date

- Physiological life span

- Cost of production per hectare/acre

- Maturity or expected yield

- Proposal form

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Benefits of insurance to a farmer/country

- Food self sufficiency

- Reducing poverty

- Boosting GDP(GROSS DOMESTIC PRODUCT)

- Insured farmers can leverage their cover in other to obtain loans from banks and other lending institutions confident in the knowledge that their clients have taken the necessary steps to protect themselves against adverse circumstances .

If you are in Nigeria, you can start a partnership with leadway assurance today by calling the following numbers  012800700, 012800701, +2348129997175 or Email them @ lcs@leadway.com.

If you need more infomation you can always contact us @info@agricgist.com or chat with us online or call +2347039482540

SPECIAL ADVICE TO FARMERS

Please try always to insure you farm,no one can predict tomorrow thank you.

Hope this helps.