N181.9m Insurance Claims Paid To Livestock Herders In Three States

Insurance companies led by Leadway Assurance Company Limited, alongside Rex Insurance Limited, NSIA Insurance Limited, AIICO Insurance Plc, and the Nigerian Agricultural Insurance Corporation, have paid N181,917,900 in claims to livestock herders. The payments cover beneficiaries in Adamawa, Bauchi, and Plateau States under the Index-Based Livestock Insurance programme.

The claims payout ceremony was held in Yola, Adamawa State. The programme provides financial relief to livestock owners affected by drought and other climate-related shocks. It also helps herders buy pasture during drought periods to reduce livestock losses.

The insurance scheme uses objective indices, including satellite vegetation data, to trigger payouts. This removes the need for individual loss verification. The approach is intended to ensure transparency, efficiency, and prompt compensation.

Leadway Assurance serves as the lead technical partner for the programme. Other partners include Africa Reinsurance Corporation, the Livestock Productivity and Resilience Project, and the International Finance Corporation. The collaboration supports livestock insurance development and risk management in Nigeria.