In a strategic move that promises to reshape the insurance landscape in Nigeria, Leadway Assurance, a prominent insurance provider in the country, has unveiled its innovative product – Index-Based Livestock Insurance (IBLI). According to the statement This revolutionary insurance offering is poised to provide unparalleled support to Nigerian livestock farmers, cattle herders, and pastoralists while bolstering the agricultural sector.Index-Based Livestock Insurance is unlike any traditional insurance product.
It relies on real-time data and indices, such as weather patterns and livestock health indicators, to swiftly determine compensation for farmers in the event of losses. This transformative approach eliminates the cumbersome claims processes associated with conventional insurance, ensuring that farmers receive fair and timely compensation.
The insurance coverage offered by IBLI goes beyond the norm, aiming to protect vulnerable pastoralist households from the impacts of climate change-related risks, including droughts and vegetation degradation, as well as unexpected events leading to livestock losses.
Mr. Fatona Ayoola, the Head of Agric. Insurance at Leadway Assurance, expressed his enthusiasm for this milestone, emphasizing its significance for Nigerian farmers.
He stated, “The introduction of IBLI is truly a game-changer for Nigerian farmers involved in livestock production. This innovative product addresses the challenges posed by unpredictable weather conditions and climate change, providing financial security to our livestock farmers, herders, and pastoralists.
“The MD/CEO of Leadway Assurance, Mr. Tunde Hassan-Odukale, underscored the strategic importance of IBLI for the Nigerian insurance industry.
He said, “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.
“Mr. Hassan-Odukale continued, “By providing farmers with a reliable safety net through this product, we are not only mitigating risks but also fostering economic stability in the agricultural sector. As a company, we are proud to be at the forefront of this transformation, and we firmly believe that this innovative approach will drive progress and prosperity for Nigerian farmers.
“The benefits of Index-Based Livestock Insurance extend beyond individual farmers. It holds the potential to accelerate the recovery of farmers from losses, enabling them to reinvest in their operations. This, in turn, can lead to increased food production, job creation, and overall economic growth.
In closing, Mr. Hassan-Odukale invites all stakeholders, including farmers, agricultural organizations, and government agencies, to explore the opportunities presented by Index-Based Livestock Insurance. Together, they can contribute to building a more resilient and prosperous future for Nigerian agriculture.