Lasaco Assurance Secures Approval to Underwrite Agric Insurance Business

Ebere Nwoji

Lasaco Assurance Plc, has secured approval of the National Insurance Commission (NAICOM) to underwrite agricultural insurance for farmers, marking a pivotal advancement in the company’s strategic expansion and its commitment to Nigeria’s agricultural sector.

Speaking on the development, Lasaco Assurance Managing Director, Mr Ademoye Shobo, said as part of its agricultural insurance offerings, Lasaco Assurance would provide a comprehensive range of products designed to support farmers and stakeholders across the sector.

According to him, agriculture continues to be a vital driver of Nigeria’s economic development, sustaining livelihoods, contributing significantly to food production, and creating business opportunities nationwide.

He said the availability of tailored agricultural insurance products through reputable financial institutions plays a crucial role in meeting the risk management needs of farmers, agribusinesses, and other sector participants.

She expressed confidence that this approval would substantially boost the company’s revenue going forward. She emphasised that it presented a valuable opportunity for Lasaco Assurance to contribute meaningfully to the protection and growth of this niche market.

Also speaking, Head of Strategy at Lasaco Assurance, Mr. Adedayo Adetokun, noted that the development aligned perfectly with Lasaco Assurance’s long-term vision to deepen sectoral diversification and strengthen its competitive positioning. He noted that leveraging strategic partnerships and innovative approaches would be key to maximising the potential of the agricultural insurance portfolio.

“This milestone signals a new phase in Lasaco Assurance Plc’s business trajectory, enhancing its engagement within Nigeria’s agricultural market and setting the stage for continued expansion and value creation”, he said.