Leadway Assurance has launched the Index-Based Livestock Insurance (IBLI), a product that will reshape the insurance landscape in the country.
This innovative insurance offering will enhance the Agricultural sector and provide unprecedented climate-smart risk management support to Nigerian Livestock farmers, cattle herders and pastoralists.
Index-Based Livestock Insurance is a unique insurance product that relies on real-time data and indices, such as weather patterns and livestock health indicators, to determine compensation for farmers in the event of losses.
This approach eliminates the need for lengthy claims processes and ensures that farmers receive swift and fair compensation when needed. It marks a significant departure from traditional insurance methods and sets a new standard for agricultural insurance in Nigeria.
The livestock insurance cover and its delivery mechanism is a comprehensive insurance cover that seeks to protect poor, vulnerable pastoralists’ households against loss of grasslands due to climate change related risks such as droughts and degradation of vegetation along with unexpected events that may result in the death of the livestock.