Africa Re: Agric Insurance to Yield $600m Premium to Insurers Annually Ebere Nwoji International reinsurer, Africa Reinsurance Corporation (Africa Re.) has said that Nigerian insurance sector has the potential to generat
International reinsurer, Africa Reinsurance Corporation has said that Nigerian insurance sector has the potential to generate at least $600 million premium from Agricultural insurance annually.This means that Nigeria has a gap of N590 million untapped insurance market in created by the richness of farming in Nigeria.
He noted that agriculture remains a key contributor to Nigeria’s Gross Domestic Product and like in many emerging economies, accounts for 30 per cent of the country’s total economic output; providing employment to at least 35 per cent of its over 200 million population. Aghoghovbia maintained that since 2017, the agriculture class of business has generated a lot of interest from several market players noting that currently, at least 16 insurance companies have received NAICOM’s approval to underwrite the business, thus complementing the efforts of the Nigeria Agriculture Insurance Company .