Yield loss: Company compensates 12 farmers with insurance claims

About 12 beneficiaries’ farmers of the Agriculture Insurance program tagged Area Yield Index Insurance initiative have been compensated for the loss they incurred last year during the pilot phase of the programme.

The small holder farmers were compensated with one to three bags of 25kg of 2010-10 NPK Golden Fertilizers depending on the magnitude of the loss.

Speaking at the programme, the Country Manager/Project Director of PULA in Nigeria, Dr. Samson Ajibola disclosed that the event was for those farmers who had claims during the pilot phase of the programme which started in 2018.

He said the initiative involved PULA, Flour Mills Nigeria Plc, (FMN), and Leadway Assurance Company Limited, Dr. Ajibola said his organization served as the engine in the partnership.

Also speaking, the Head, Sales of Agro Input of FMN, Mr. Victor Oritade, said the event was for farmers that used the company fertilizers with insurance on them.

“The last exercise carried out by FMN was a trial model and were able to sell about 20,000 bags of fertilizers with the insurance on them and it, this time the company is hoping to reach more farmers with about 60,000 tons of fertilizers into the program.

“For every insurance there is a premium but from the initial exercise carried out last year we put a premium on it, a token which farmers can afford but this time around we are not charging the farmers any premium we are going to sell to the farmers the actual cost of the fertilizer without them paying any extra amount as a premium.

A beneficiary, Mrs. Fidelia Romanus said she did not expect to be compensated after the loss recorded in her farm last season saying, “I did not know that at last something good would come out of the initiative when I was signing up for it when disaster strike, honestly, I am so happy.”