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Farmers affected by flood in Sokoto to be paid by insurance firm

Farmers affected by flood in Sokoto to be paid by insurance firm

Farmers affected by flood in Sokoto to be paid by insurance firm.

Mr Kenneth Egbaran, Veritas Kapital Assurance’s managing director, guaranteed farmers affected by the 2020 flood in Sokoto State of prompt settlement of their insurance premium in order to help offset their losses.

Egbaran made the affirmation in an interview with newsmen on Tuesday after he inspected flood-affected farms in Sokoto State, Goronyo, Kware, Wamakko and other areas.

The Nigeria News Agency (NAN) reports that farmers included members of Nigeria’s Maize Association (MAAN), Nigeria ‘s Rice Farmers Association (RIFAN), and Nigeria’s National Association of Cotton Farmers (NACOFAN).

He said;

“We are committed to making sure that the losses of farmers have been recovered, to promote increased investment in the agricultural value chain.

“We build farmers capacity, promote agricultural business expertise and ensure partnership with other agricultural sector stakeholders.

“Veritas Kapital Assurance is committed to updating the vision of the federal government on agricultural development and to linking it with the Central Bank of Nigeria ( CBN) and other partners to support all categories of farming towards sustainable food security and empowerment. “Said Egbaran.

According to him, the current exercise has been tagged “Area Yield Index Insurance (AYII) covering all forms of disasters that could affect harvests.

He added that groups of farmers provided a list of their members, and partnered with them in the evaluation.

The Managing director stated that farmers rely on farm sizes for premium payments, adding that CBN intervened to facilitate the success of FG social intervention programs.

RIFAN and MAAN chairmen of Sokoto state, Alhaji Ibrahim Salihu, and Alhaji Abubakar Danfoloti, commended Veritas Capital Assurance for its prompt response.

Most of their members suffered heavy losses this year due to increased rainfall, and appealed for prompt intervention to assist them. The leaders acknowledged the insurance payment would inspire farmers to invest more in agriculture.

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