News Africa08 Mar 2021

Nigeria:Agricultural insurer blames claims payment delays on brokers' failure to remit premiums

08 Mar 2021

Nigerian Insurance Agricultural Corporation (NAIC) has said that the reason for delay or default in claims payments is due to brokers who fail to remit premiums to insurers.

Mr Jerome Olowoyeye, who disclosed this at a webinar on agribusiness in Africa, in a speech delivered on behalf of Folashade Joseph, NAIC managing director, said that the corporation has plans already in progress to carry out insurance awareness programmes for farmers.

He, however, said that the strategies would be effective if brokers on their part could deliver as expected, reported Mail & Guardian.

“Unremitted premiums by brokers is one of the major issues, as premiums that are supposed to be remitted by brokers are not remitted. If these brokers don’t remit, it becomes a problem for insurance firms to pay claims to farmers.”

Another challenge in agricultural insurance is the issue of trust in insurers. Mr Olowoyeye that in its efforts to increase trust, NAIC has made itself open to all forms of partnerships that would boost agri-insurance in Nigeria.


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