Jaiz Takaful Insurance Limited, a leading innovative and sustainable insurance company, has received approval to launch its products in the agricultural value chain. This initiative aims to minimize losses and boost economic growth within the sector.
The announcement was made by Ibrahim Usman Shehu, Group Managing Director and CEO of Jaiz Takaful Insurance Limited, during a forum in Abuja on Thursday. The event was attended by Mr. Chijioke Nwafor, Managing Director of Crystal & Diamond Insurance Brokers Ltd., and Madam Tope, a representative of Prestige Microfinance Bank Ltd.
Shehu highlighted the objective of the meeting, which was to inform brokers and participants about the unique value proposition of Takaful insurance, distinguishing Jaiz Takaful Insurance Limited from conventional insurance providers. “We have recently received approvals to enter the agricultural sector,” he stated. “Nigeria is striving to develop and diversify its economy through the agricultural value chain.”
Shehu explained that the introduction of agricultural Takaful insurance is timely, given the significant emphasis the federal government places on livestock development. “We provide a complementary service of insurance to the agricultural business, ensuring that individuals involved in agriculture are not left without support in the event of a loss,” he added.
He noted that the company had previously compensated customers affected by a flood incident in Kano and Jigawa last year, underscoring their commitment to customer satisfaction.
In addition to agricultural insurance, Jaiz Takaful offers insurance for general business needs, including motor, fire, and burglary coverage.
Shehu emphasized the benefits of their insurance plans, noting that policyholders receive a return on investment and, in the event of death, the guaranteed sum amount is paid to the next of kin or legal personal representative.
