Africa Re’s Pioneering Effort: Revolutionizing Agriculture Insurance In Nigeria

Africa Re‘s Pioneering Effort: Revolutionizing Agriculture Insurance In Nigeria—-Leading reinsurer Africa Re is spearheading a transformative agenda with its 3rd Africa Re Agriculture Insurance Workshop, held on October 18th-19th, 2023, at the prestigious Lagos Continental Hotel.

This groundbreaking event, organized in collaboration with the IFC for the Nigeria Climate Insurance Project, assembled key players in Nigeria’s agriculture insurance sector.

The workshop kicked off with a welcome message from Mr. Ken Aghoghovbia, Deputy Managing Director/COO of African Reinsurance Corporation (Africa Re).

He highlighted agriculture’s vital role in Nigeria, contributing 21% to the GDP and employing over 36% of the nation’s workforce. The sector is also faced with series of challenges, including flooding, desertification, and inadequate financing, have hindered the sector’s growth, leading to food imports worth $10 billion.

Aghoghovbia noted that agriculture insurance could hold the key to unlocking the sector’s potential. With 70 million hectares of agricultural land and diverse enterprises, Nigeria’s agriculture insurance market has the potential to generate over $600 million in premiums. However, market realities have not lived up to this promise.

Africa Re is determined to lead the charge in developing agriculture insurance in Nigeria, but the challenge is too vast to tackle alone.

Aghoghovbia emphasized the need for partnership, saying, “It is in this spirit that we have seen it necessary to engage valued and like-minded partners seated here today.” Africa Re recognizes that collaborative efforts are essential to realizing the full potential of agriculture insurance in Nigeria.

The workshop promises a wealth of knowledge sharing, innovative technology demonstrations, and farmer insights.

By fostering collaboration, the event aims to enhance agriculture underwriting, claim processes, and industry understanding.

It also sets out to align stakeholders on deliverables and define the industry’s next steps.

With diverse participants from a range of organizations, the workshop ensures a holistic exchange of ideas and experiences.

Africa Re’s dedication to driving change in Nigeria’s agriculture insurance landscape is not only promising but a crucial step toward transforming the sector and boosting food security.