NAIC predicts N10bn claims annually

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By Favour Nnabugwu
The Managing Director of the Nigerian Agricultural Insurance Corporation (NAIC) Mrs Folashade Joseph has projected to settle claims of N10billion yearly from the  over N20 billion premium for  next two years.
Mrs Joseph stated this during her interaction with the Press in Abuja having been appointed as Managing Director/Chief Executive Officer of NAIC by President Mohammadu Buhari in 2017.
Expressing gratitude for her reappointment, she assured stakeholders in the agricultural sector of plans to hit the ground running.
This, the NAIC MD noted, will include future recapitalization of the corporation, the introduction of new products and staff strength of 1000 employees.
According to her, in the nearest future, the corporation will be a household name, widely known as a flagship of agricultural insurance in the nation and among the nation’s immediate international neighbours.
“I envisage the corporation that will be able to generate N20 billion premium and paying claims of N10billion on annual basis, in the next two years.
“I envisage a corporation with staff strength of over 1000 strong employees with high degree of customer service relationship that will serve as an icon to other insurance companies.
The briefing was not only about future projections for the Corporation as Mrs Joseph also highlighted some of the achievements recorded in the last four years.
“The Corporation under my watch was able to move from less than N1 billion premium to a N2 billion premium generating Corporation.
“In 2017, when I took over, the premium generated was a little above N800 million. In 2018, it went up to N1.7 billion, while in 2019, it was N2.1 billion.
“Though the Corona virus affected our businesses in 2020, the Corporation was able to weather the storm and still made N1.6 billion premium,” NAIC boss stated.
The National Agricultural Insurance Corporation was established in 1987 with mandate to provide Agricultural risks insurance cover to Nigerian farmers.

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