Nigeria

28
Jan
During December 5 – 8, 2022, a delegation of seven Nigerian industry experts were on a learning mission in Kenya. The study tour was organized as part of the GIIF South-South knowledge exchange effort for incumbent insurers transitioning to digital insurers. The delegates work towards transforming Nigeria’s insurance industry through the agile design, promotion and adoption of insurtech to increase the protection cover for millions of Nigerians. This was the second phase of the Neo Insurer Training Initiative (NITI). The study tour took the delegates to Safaricom, APA Insurance, ACRE Africa
30
Oct
With a population of 211 million(1) and a low insurance penetration of less than 1%(2) , Nigeria represents one of Africa’s most important insurance markets. Despite this potential, the market’s growth is constrained by a lack of suitable products, cumbersome claims’ processes and unsuitable premium collection methods, limited awareness among consumers, lack of trust in insurance and low purchasing power. Market actors are innovating to surmount these challenges and reach the underserved through insurtech: to fast-track customer acquisition, enhance insurance awareness and scale last mile
08
Mar
Nairobi, Kenya, March 8, 2022 – The Global Index Insurance Facility (GIIF), launched a competition for technology-led enterprises in Africa to offer innovative solutions for agriculture and inclusive insurance and announced 3 top winners: Omishtu-Joy (Ethiopia), Rural Farmers Hub (Nigeria), and AgroTech+ (Kenya). Powered by Sankalp Forum, the Africa AgTech & Inclusive Insurance Challenge aimed to celebrate and support young entrepreneurs who are working at the intersection of agriculture, insurance, climate, and gender to build resilience for rural populations. The Challenge offered an
GIIF Country Profile: Nigeria
A newly designed Global Index Insurance Facility's Country Profile for Nigeria is available for digital viewing. The document contains an overview of GIIF's project in the country with Partner Africa Re.
GIIF, Africa RE to Develop New Insurance Market for Nigeria’s Farmers
LAGOS, Nigeria, 26 March 2019 -- IFC, a member of the World Bank Group, today announced that it has signed an agreement with Africa RE, a pan-African reinsurance company headquartered in Nigeria, to help thousands of smallholder Nigerian farmers more easily access insurance to protect their crops and livelihoods. Under the agreement, Africa RE and IFC's Global Index Insurance Facility will help Nigerian insurance companies licensed by Nigeria's insurance regulator, NAICOM, develop agricultural insurance products, and deepen their index insurance business lines. These index insurance products
(C) World Bank Group
The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) has developed a new insurance product called NIRSAL Comprehensive Index Insurance (NCII) to mitigate the impact and losses of agricultural yields and market price risks for smallholder farmers, PM News Nigeria reports. "NIRSAL’s goal is to expand insurance products and coverage on agricultural lending across the entire value chain by growing coverage from about 0.5 million to 3.8 million primary producers,’’ said Aliyu Abdulhameed, Managing Director of NIRSAL. NCII was developed by the Corporation in conjunction
Nigeria to Provide Insurance Coverage for 3.8m Farmers
The Government of Nigeria is working to increase insurance coverage for Nigerian agricultural primary producers from 500,000 to 3.8 million through the recently introduced index-based agricultural insurance, New Stage reports. The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) is collaborating with the Royal Exchange Assurance, the Nigerian Meteorological Agency (NIMET), and Cellulant to develop of a technology-driven hybrid index insurance product that will include the area yield index, weather index, and price index insurance.
Feasibility study for index-insurance and awareness raising - Nigeria
Agricultural insurance was introduced in Nigeria in 1987 through the creation of the Nigerian Agricultural Insurance Scheme (NAIS). In 1993, the private company in charge of underwriting and implementing the NAIS was dissolved and replaced by a public-sector corporation, the Nigerian Agricultural Insurance Corporation, NAIC. Currently, NAIC oversees a portfolio of crop, forestry, livestock, poultry and aqua-culture insurance and also non-life commercial insurance lines. NAIC has received government support both in the form of the initial capitalization of the company and 50 percent premium

Agricultural insurance was introduced in Nigeria in 1987 through the creation of the Nigerian Agricultural Insurance Scheme (NAIS). In 1993, the private company in charge of underwriting and implementing the NAIS was dissolved and replaced by a public-sector corporation, the Nigerian Agricultural Insurance Corporation, NAIC. Currently, NAIC writes a portfolio of crop, forestry, livestock, poultry and aquaculture insurance and also non-life commercial insurance lines. NAIC has received government support both in the form of the initial capitalization of the company and 50% premium subsidies on