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  •  The Nigeria Incentive Based Risk Sharing System for Agricultural Lending NIRSAL Plc has developed a Hybrid Multi Peril Crop Indemnity Index Insurance HM II Speaking during the launch of the product in Abuja NIRSAL s Managing Director Aliyu Abdulhameed the HM II was developed in collaboration with Royal Exchange General Insurance Company REGIC He said that the HM II was piloted during NIRSAL s participation in the Central Bank of Nigeria s CBN 2019 Anchor Borrowers Programme ABP Wet season farming NAN reports that the HM ll is designed to protect farmers from losses during a planting season caused by bad weather low amp high rainfall early amp late season dry spells It also covers lightning hailstorms and thunderstorms pest outbreak disease outbreak fire outbreak and permanent disability or death of the farmer He said that the new product was another step towards the development of the NIRSAL Comprehensive Index Insurance NCII conceptualised in 2018 with the ultimate goal of Agric insurance product development by factoring in commodity pricing parameter in the cover to be issued Towards achieving the NCII the launch of the HM II marks an improvement to the NIRSAL Area Yield Index Insurance AYII which the corporation developed in 2017 and piloted in the wet season farming of the same year to significant effect covering17 000 farmers and 10 000 hectares with a harvest value of N3Billion This latest development is a testament to the progress NIRSAL Plc is making in the Agricultural insurance space prior to NIRSAL Plc s intervention private underwriters were not insuring agriculture However leveraging on NIRSAL Plc s Insurance Pillar and in collaboration with the Nigerian Agricultural Insurance Corporation NAIC and the National Insurance Commission NAICOM We have brought about the inclusion of underwriters other than NAIC in underwriting Agricultural transactions and stimulated the development of new and innovative agricultural insurance products Abdulhameed reiterated NIRSAL Plc s commitment to not only protect farmers but to also help Nigeria diversify its economy attain self sufficiency in food production and entrench inclusive economic growth in alignment with the Federal Government s Economic Recovery and Growth Plan ERGP Also speaking Yusuf Yila Director of CBN s Development Finance Department revealed that the CBN has already adopted NIRSAL Plc s Area Yield insurance AYII products and looks forward to deploying the HM II He commended NIRSAL Plc for always being at the forefront of agribusiness innovation and encouraged the company to continue on its upward trajectory Also Mr Benjamin Agili Managing Director REGIC described the product HM ll as a that product seeks to protect the small holder farmers from farming loss during a particular farming season This he said guarantees sustainability and continuity ensuring the farmer is able to remain in business no matter the loss or situation He thanked NIRSAL Plc for the exceptional job being done to change the face of agriculture financing in Nigeria and for giving REGIC the opportunity to partner with it on the HM II On his part Mr Sunday Thomas NAICOM s Commissioner for Insurance who was represented by Mr Leonard Akah NAICOM s Director of Policy amp Regulation said that in line with the Federal Government s Financial Inclusion Strategy NAICOM was eager to lend its support to the development of a product such as HM II Thomas noted that the partnership between NAICOM NIRSAL PLC and REGIC to support federal government s efforts in the promotion of agriculture and economic diversification have become inevitable NAN reports that a key advantage of the HM II is that in cases where such risks happen benefits paid out to the farmer would be up to the maximum loan or the insured amount after confirmation by advanced satellite technology an assessment by an agriculture expert or both Edited By Sadiya Hamza Source NAN
    NIRSAL, Coy unveil insurance product for crop indemnity
     The Nigeria Incentive Based Risk Sharing System for Agricultural Lending NIRSAL Plc has developed a Hybrid Multi Peril Crop Indemnity Index Insurance HM II Speaking during the launch of the product in Abuja NIRSAL s Managing Director Aliyu Abdulhameed the HM II was developed in collaboration with Royal Exchange General Insurance Company REGIC He said that the HM II was piloted during NIRSAL s participation in the Central Bank of Nigeria s CBN 2019 Anchor Borrowers Programme ABP Wet season farming NAN reports that the HM ll is designed to protect farmers from losses during a planting season caused by bad weather low amp high rainfall early amp late season dry spells It also covers lightning hailstorms and thunderstorms pest outbreak disease outbreak fire outbreak and permanent disability or death of the farmer He said that the new product was another step towards the development of the NIRSAL Comprehensive Index Insurance NCII conceptualised in 2018 with the ultimate goal of Agric insurance product development by factoring in commodity pricing parameter in the cover to be issued Towards achieving the NCII the launch of the HM II marks an improvement to the NIRSAL Area Yield Index Insurance AYII which the corporation developed in 2017 and piloted in the wet season farming of the same year to significant effect covering17 000 farmers and 10 000 hectares with a harvest value of N3Billion This latest development is a testament to the progress NIRSAL Plc is making in the Agricultural insurance space prior to NIRSAL Plc s intervention private underwriters were not insuring agriculture However leveraging on NIRSAL Plc s Insurance Pillar and in collaboration with the Nigerian Agricultural Insurance Corporation NAIC and the National Insurance Commission NAICOM We have brought about the inclusion of underwriters other than NAIC in underwriting Agricultural transactions and stimulated the development of new and innovative agricultural insurance products Abdulhameed reiterated NIRSAL Plc s commitment to not only protect farmers but to also help Nigeria diversify its economy attain self sufficiency in food production and entrench inclusive economic growth in alignment with the Federal Government s Economic Recovery and Growth Plan ERGP Also speaking Yusuf Yila Director of CBN s Development Finance Department revealed that the CBN has already adopted NIRSAL Plc s Area Yield insurance AYII products and looks forward to deploying the HM II He commended NIRSAL Plc for always being at the forefront of agribusiness innovation and encouraged the company to continue on its upward trajectory Also Mr Benjamin Agili Managing Director REGIC described the product HM ll as a that product seeks to protect the small holder farmers from farming loss during a particular farming season This he said guarantees sustainability and continuity ensuring the farmer is able to remain in business no matter the loss or situation He thanked NIRSAL Plc for the exceptional job being done to change the face of agriculture financing in Nigeria and for giving REGIC the opportunity to partner with it on the HM II On his part Mr Sunday Thomas NAICOM s Commissioner for Insurance who was represented by Mr Leonard Akah NAICOM s Director of Policy amp Regulation said that in line with the Federal Government s Financial Inclusion Strategy NAICOM was eager to lend its support to the development of a product such as HM II Thomas noted that the partnership between NAICOM NIRSAL PLC and REGIC to support federal government s efforts in the promotion of agriculture and economic diversification have become inevitable NAN reports that a key advantage of the HM II is that in cases where such risks happen benefits paid out to the farmer would be up to the maximum loan or the insured amount after confirmation by advanced satellite technology an assessment by an agriculture expert or both Edited By Sadiya Hamza Source NAN
    NIRSAL, Coy unveil insurance product for crop indemnity
    Agriculture2 years ago

    NIRSAL, Coy unveil insurance product for crop indemnity

    The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL Plc), has developed a Hybrid Multi-Peril Crop Indemnity-Index Insurance (HM-II).

    Speaking during the launch of the product in Abuja, NIRSAL’s Managing Director, Aliyu Abdulhameed, the HM-II was developed in collaboration with Royal Exchange General Insurance Company (REGIC).

    He said that the HM-II was piloted during NIRSAL’s participation in the Central Bank of Nigeria’s (CBN) 2019 Anchor Borrowers’ Programme (ABP) Wet season farming.

    NAN reports that the HM-ll , is designed to protect farmers from losses during a planting season caused by bad weather (low & high rainfall, early & late season dry spells.

    It also covers lightning, hailstorms and thunderstorms), pest outbreak, disease outbreak, fire outbreak and permanent disability or death of the farmer.

    He said that the new product was another step towards the development of the NIRSAL Comprehensive Index Insurance (NCII) conceptualised in 2018 with the ultimate goal of Agric insurance product development by factoring in commodity pricing parameter in the cover to be issued.

    ” Towards achieving the NCII, the launch of the HM-II marks an improvement to the NIRSAL Area Yield Index Insurance (AYII) which the corporation developed in 2017 and piloted in the wet season farming of the same year to significant effect, covering17,000 farmers and 10,000 hectares with a harvest value of N3Billion.

    “This latest development is a testament to the progress NIRSAL Plc is making in the Agricultural insurance space, prior to NIRSAL Plc’s intervention, private underwriters were not insuring agriculture.

    ” However, leveraging on NIRSAL Plc’s Insurance Pillar and in collaboration with the Nigerian Agricultural Insurance Corporation (NAIC) and the National Insurance Commission (NAICOM).

    ” We have brought about the inclusion of underwriters other than NAIC in underwriting Agricultural transactions and stimulated the development of new and innovative agricultural insurance products.”

    Abdulhameed reiterated NIRSAL Plc’s commitment to not only protect farmers but to also help Nigeria diversify its economy, attain self-sufficiency in food production and entrench inclusive economic growth in alignment with the Federal Government’s Economic Recovery and Growth Plan (ERGP).

    Also speaking, Yusuf Yila, Director of CBN’s Development Finance Department revealed that the CBN has already adopted NIRSAL Plc’s Area Yield insurance (AYII) products and looks forward to deploying the HM-II.

    He commended NIRSAL Plc for always being at the forefront of agribusiness innovation and encouraged the company to continue on its upward trajectory.

    Also, Mr Benjamin Agili, Managing Director REGIC, described the product HM-ll as a that product seeks to protect the small-holder farmers from farming loss during a particular farming season.

    This, he said, guarantees sustainability and continuity, “ensuring the farmer is able to remain in business, no matter the loss or situation.”

    He thanked NIRSAL Plc for “the exceptional job being done to change the face of agriculture financing in Nigeria” and for giving REGIC the opportunity to partner with it on the HM-II.

    On his part, Mr Sunday Thomas, NAICOM’s Commissioner for Insurance who was represented by Mr Leonard Akah, NAICOM’s Director of Policy & Regulation, said that in line with the Federal Government’s Financial Inclusion Strategy, NAICOM was eager to lend its support to the development of a product such as HM-II.

    Thomas noted that the partnership between NAICOM, NIRSAL PLC and REGIC to support federal government’s efforts in the promotion of agriculture and economic diversification have become inevitable.

    NAN reports that a key advantage of the HM-II is that in cases where such risks happen, benefits paid out to the farmer would be up to the maximum loan or the insured amount after confirmation by advanced satellite technology, an assessment by an agriculture expert, or both.


    Edited By: Sadiya Hamza
    Source: NAN

  •  Royal Exchange General Insurance Company REGIC on Tuesday declared a Gross Written Premium GWP of N10 58 billion for the financial year ended Dec 31 2019 The company s Chairman Alhaji Rabiu Gwarzo made the declaration at the firm s 12th Annual General Meeting held virtually in Lagos Gwarzo explained that the financial results showed a Gross Premium Income of N10 86 billion while total net claims paid to policyholders stood at N1 11 billion The underwriting profit stood at N1 14 billion for the period under review Total assets for the company for the year under review was N21 94 billion with shareholders funds standing at N9 61 billion Profit before tax amounted to N974 6 million and profit after tax of N654 7 million was reported for the 2019 financial year The accounts which has been approved by the National Insurance Commission NAICOM show that the company is on the path of profitability and sustained growth All financial indices are positive for the company the chairman said The firm s Managing Director Chief Executive Officer Mr Benjamin Agili said that despite the harsh environmental condition the company was able to grow its top line figures and maintain its leadership in key corporate accounts Agili noted that the firm also participated in large ticket insurance transactions its renewed focus on the retail markets According to him the retail markets shall be a growth driver in the future and agriculture insurance which is beginning to gain traction in the insurance market in Nigeria We are expanding our strategic focus to three main areas namely Digital Insurance Retail Insurance Market and Agriculture Insurance as farming is a key economic activity in Nigeria he said In line with NAICOM s directive the managing director said the company s revised recapitalisation guidelines is poised to surpass the directive as indicated in its approved 2019 financials Agili said plans were in top gear to ensure that the company was well capitalised and able to take advantages of the opportunities that will present itself in the insurance market in Nigeria REGIC will continue to reinvent itself to be more responsive to the needs of the customer offering them the products and services they need in ways that they want We are adopting a customer centric approach to all our businesses to ensure we are competitive in the market Edited By Abdulfatah Babatunde NAN
    Royal Exchange Insurance posts N10bn premium for 2019
     Royal Exchange General Insurance Company REGIC on Tuesday declared a Gross Written Premium GWP of N10 58 billion for the financial year ended Dec 31 2019 The company s Chairman Alhaji Rabiu Gwarzo made the declaration at the firm s 12th Annual General Meeting held virtually in Lagos Gwarzo explained that the financial results showed a Gross Premium Income of N10 86 billion while total net claims paid to policyholders stood at N1 11 billion The underwriting profit stood at N1 14 billion for the period under review Total assets for the company for the year under review was N21 94 billion with shareholders funds standing at N9 61 billion Profit before tax amounted to N974 6 million and profit after tax of N654 7 million was reported for the 2019 financial year The accounts which has been approved by the National Insurance Commission NAICOM show that the company is on the path of profitability and sustained growth All financial indices are positive for the company the chairman said The firm s Managing Director Chief Executive Officer Mr Benjamin Agili said that despite the harsh environmental condition the company was able to grow its top line figures and maintain its leadership in key corporate accounts Agili noted that the firm also participated in large ticket insurance transactions its renewed focus on the retail markets According to him the retail markets shall be a growth driver in the future and agriculture insurance which is beginning to gain traction in the insurance market in Nigeria We are expanding our strategic focus to three main areas namely Digital Insurance Retail Insurance Market and Agriculture Insurance as farming is a key economic activity in Nigeria he said In line with NAICOM s directive the managing director said the company s revised recapitalisation guidelines is poised to surpass the directive as indicated in its approved 2019 financials Agili said plans were in top gear to ensure that the company was well capitalised and able to take advantages of the opportunities that will present itself in the insurance market in Nigeria REGIC will continue to reinvent itself to be more responsive to the needs of the customer offering them the products and services they need in ways that they want We are adopting a customer centric approach to all our businesses to ensure we are competitive in the market Edited By Abdulfatah Babatunde NAN
    Royal Exchange Insurance posts N10bn premium for 2019
    Economy2 years ago

    Royal Exchange Insurance posts N10bn premium for 2019

    Royal Exchange General Insurance Company (REGIC), on Tuesday, declared a Gross Written Premium (GWP) of N10.58 billion for the financial year ended Dec. 31, 2019.

    The company’s Chairman, Alhaji Rabiu Gwarzo, made the declaration at the firm’s 12th Annual General Meeting held virtually in Lagos.

    Gwarzo explained that the financial results showed a Gross Premium Income of N10.86 billion while total net claims paid to policyholders stood at N1.11 billion.

    The underwriting profit stood at N1.14 billion for the period under review.

    “Total assets for the company for the year under review was N21.94 billion with shareholders’ funds, standing at N9.61 billion.

    “Profit before tax amounted to N974.6 million and profit after tax of N654.7 million was reported for the 2019 financial year.

    “The accounts, which has been approved by the National Insurance Commission (NAICOM), show that the company is on the path of profitability and sustained growth.

    “All financial indices are positive for the company,’’ the chairman said.

    The firm’s Managing Director/Chief Executive Officer, Mr Benjamin Agili, said that despite the harsh environmental condition, the company was able to grow its top-line figures and maintain its leadership in key corporate accounts.

    Agili noted that the firm also participated in large-ticket insurance transactions, its renewed focus on the retail markets.

    According to him, the retail markets shall be a growth driver in the future and agriculture insurance, which is beginning to gain traction in the insurance market in Nigeria.

    “We are expanding our strategic focus to three main areas, namely: Digital Insurance, Retail Insurance Market and Agriculture Insurance as farming is a key economic activity in Nigeria,’’ he said.

    In line with NAICOM’s directive, the managing director said the company’s revised recapitalisation guidelines is poised to surpass the directive, as indicated in its approved 2019 financials.

    Agili said plans were in top gear to ensure that the company was well capitalised and able to take advantages of the opportunities that will present itself in the insurance market in Nigeria.

    REGIC will continue to reinvent itself to be more responsive to the needs of the customer, offering them the products and services they need, in ways that they want.

    “We are adopting a customer-centric approach to all our businesses to ensure we are competitive in the market.


    Edited By: Abdulfatah Babatunde (NAN)

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