One of Nigeria’s leading insurers has extended its existing agriculture cover to protect farmers whose crops are destroyed by cattle encroaching onto their land.
Leadway Insurance said the policy is in response to the plight of farmers who have suffered huge financial losses arising from the destruction of their crops and farmlands during encroachment by nomadic cattle.
Ayoola Fatona, head, agric and microinsurance, Leadway Assurance, explained that the extended policy coverage would encourage continued investments in farming to prevent nationwide food security.
“The call by farmers for us to extend insurance cover to include the risk of cattle encroachment has been growing over the years and we decided to cover the peril of cattle encroachment as an extension to our existing crops policy,” he said.
“Our existing crops policy covers farmers at the time of loss, mostly against natural perils like flood, drought, windstorm, prolonged dry spell etc. The farmers who suffer losses relating to animal encroachment would get compensated with the deployment of this exemplary risk management tool. It is a win-win solution for the farming ecosystem and the food-consuming population in Nigeria.”