Leadway Assurance's New Policy to Support Agriculture Sector Growth

Leadway Assurance, which is one of the leading insurance companies in Nigeria, recently revealed Index-Based Livestock Insurance (IBLI) to improve the agricultural sector. 

The IBLI will help in providing climate-smart risk management support to livestock farmers, the Group said in the statement released.

• This is a unique insurance product that relies on real-time data and indices, such as weather patterns and livestock health indicators, to determine compensation for farmers in the event of losses.

• It marks a significant departure from traditional insurance methods and sets a new standard for agricultural insurance in Nigeria.

The head of agricultural insurance at Leadway Assurance, Fatona Ayoola, said that the IBLI would be of great importance. 

He said,

• Is truly a game-changer for Nigerian farmers involved in the livestock production value chain.

• For too long, our farmers have been exposed to the unpredictability of our weather conditions, attributable to climate change and other unforeseen events that can devastate their livestock, thereby affecting their livelihoods.

• This innovative product is designed to address the challenges of inadequate pasture/ forage for the animals and provide investment and financial security to our livestock farmers, herders, and pastoralists.