Leadway Assurance Pays ₦396m in Climate-Related Claims to Farmers

News in brief:

-Leadway Assurance paid ₦396.69m in insurance claims to farmers affected by climate risks across four states.

-Initiative strengthens agricultural resilience and supports food security through risk management systems.

Leadway Assurance, in collaboration with the Presidential Food Systems Coordinating Unit (PFSCU) and PULA Advisors, has disbursed ₦396.69 million in insurance payouts to smallholder farmers affected by climate-related losses.

The 2025 wet season insurance payout ceremony was held in Abuja under the National Agribusiness Planning Mechanism (NAPM). It covered farmers in Plateau, Borno, Kaduna and Taraba States, providing financial relief to those impacted by climate shocks.

Stakeholders stated that the intervention highlights the importance of agricultural insurance in protecting livelihoods, stabilising food production and enabling recovery after crop losses.

The event also served as a platform to review verified yield data and assess outcomes from the recently concluded farming season.

Public-Private Partnership Strengthens Resilience

Chief Executive of Leadway Assurance, Gboyega Lesi, revealed that the payout reflects the company’s commitment to supporting farmers during periods of uncertainty.

He noted that agricultural insurance remains a key instrument for building resilience within Nigeria’s food systems.

Lesi added that collaboration between public and private sector actors is essential for driving agricultural transformation and ensuring vulnerable farmers are not excluded from support systems.

Focus on Data-Driven Agricultural Insurance

Global Head of Agricultural Risk Solutions at Leadway Assurance, Fatona Ayoola, said the company remains committed to strengthening Nigeria’s food security through timely claims settlement and risk management.

He explained that empowering farmers to recover from losses enables them to reinvest and sustain production, thereby improving the national food supply.

Ayoola also commended the PFSCU’s National Agribusiness Planning Mechanism framework, describing it as a strong model for public-private coordination in agriculture.

Partners Highlight Growing Impact of Scheme

Country Manager of PULA Advisors, Dr Michael Enahoro, said the partnership has demonstrated that agricultural risk protection at scale is achievable in Nigeria.

He also commended state governments and development partners for supporting farmers’ resilience against climate variability.

Leadway Assurance previously paid ₦110 million in 2024 to farmers affected by ginger blight disease, further reinforcing its role in agricultural risk protection.

The latest payout is expected to strengthen confidence in insurance-backed farming and support long-term food security efforts across the country.