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.