BY NKECHI NAECHE-ESEZOBOR—Lasaco Assurance Plc has secured regulatory approval to underwrite agricultural risks, expanding its product portfolio and positioning the insurer for higher revenue as it taps opportunities in the agricultural value chain.
Under the approval the company will offer Multi-Perils Crop Insurance, Plantation Insurance, Poultry Farm Insurance, Fishery Insurance, Livestock Insurance, Farm Property and Produce Insurance, and Cattle Insurance.
As part of its agricultural insurance offerings, it will provide a comprehensive range of products designed to support farmers and stakeholders across the sector.
Agriculture continues to be a vital driver of Nigeria’s economic development, sustaining livelihoods, contributing significantly to food production, and creating business opportunities nationwide.
The availability of tailored agric products through reputable financial institutions plays a crucial role in meeting the risk management needs of farmers, agribusinesses, and other sector participants.
Mr Ademoye Shobo the Managing Director, expressed confidence that this approval will substantially boost the company’s revenue going forward.
He emphasized that it presents a valuable opportunity for Lasaco Assurance to contribute meaningfully to the protection and growth of this niche market.
While Mr. Adedayo Adetokun, Head of Strategy, highlighted that this development aligns perfectly with the company’s long-term vision to deepen sectoral diversification and strengthen its competitive positioning.
He noted that leveraging strategic partnerships and innovative approaches will be key to maximizing the potential of the agricultural insurance portfolio.
With this authorization, Lasaco Assurance is well-positioned to advance its agricultural insurance business in full compliance with regulatory requirements.
The company anticipates forging stronger relationships with agricultural enterprises, distributors, farmers, and other stakeholders, thereby gaining deeper insights into market dynamics and identifying sustainable growth opportunities.
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.
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