Poised to walk the talk of reaching one million farmers across the country in five years, top underwriter, Royal Exchange General Insurance Company (REGIC), in conjunction with the Frankfurt School of Finance and Management and the InsuResilience Investment Fund (IIF), held a two-day workshop in Lagos on agriculture insurance and climate change products for the Nigerian market.
Speaking at the event that commenced today and to end tomorrow, the Managing Director, Benjamin Agili said that the workshop is aimed at changing the story of agricultural sector of the economy and contribute in deepening insurance penetration and awareness.
He said that the move is part of efforts to unlock new growth potentials that will increase consumer value and better returns on investment to its shareholders.
He explained that the company is also focusing on ensuring food security, increase employment and boost financial inclusion.
Royal Exchange had in 2017 secured the approval of the National Insurance Commission (NAICOM) to underwrite agric-business.
The Nigeria’s foremost finance and insurance services group also in July this year announced the 39.25 percent acquisition in its general insurance subsidiary, Royal Exchange General Insurance Company (REGIC) by the InsuResilience Investment Fund (IIF), established by the German Development Bank (KfW) and managed by by Swiss based Impact Investment Manager, BlueOrchard Finance Investment Limited (“BlueOrchard”).
The acquisition, which results in a N3.6billion capital injection into REGIC is in line with the Commission’s directive for insurance companies to increase their share capital in line with the new regulatory requirements recently introduced.