AGRICULTURAL INSURANCE AND ITS MARKETABILITY IN NIGERIA (A CASE STUDY OF AIICO INSURANCE COMPANY PLC IN OSHOGBO, OSUN STATE)
Abstract
ABSTRACT
Agriculture plays a vital role in the economic development of Nigeria by providing food, employment opportunities, and raw materials for industries. Despite its importance, the agricultural sector is exposed to numerous risks such as drought, flood, pests, diseases, fire outbreaks, and market instability. Agricultural insurance was introduced as a means of protecting farmers against losses resulting from these unforeseen events. However, the level of awareness and acceptance of agricultural insurance in Nigeria remains relatively low.
This study examined Agricultural Insurance and Its Marketability in Nigeria using AIICO Insurance Plc in Oshogbo, Osun State as a case study. The objectives of the study were to examine the role of agricultural insurance in agricultural development, identify factors affecting the marketability of agricultural insurance, assess farmers’ level of awareness, and determine the challenges facing insurance companies in promoting agricultural insurance policies.
The study adopted a descriptive research design. Data were collected through questionnaires and interviews administered to staff members of the insurance company and selected farmers within Oshogbo, Osun State. The data obtained were analyzed using tables, percentages, and simple statistical methods.
Findings from the study revealed that agricultural insurance contributes significantly to reducing farmers’ financial losses and encourages investment in agriculture. The study also discovered that poor awareness, lack of trust, low income level of farmers, and inadequate government support negatively affect the marketability of agricultural insurance in Nigeria.
The study concluded that agricultural insurance is an important tool for agricultural sustainability and economic growth. It recommended increased public awareness campaigns, improved government participation, affordable premium rates, and better service delivery by insurance companies to enhance the acceptance and marketability of agricultural insurance in Nigeria.
Full-Text Access Notice
In accordance with the NERD Policy on promoting peer-reviewed publication, public access to the full text of a project, thesis or dissertation is restricted for three years, allowing the author and supervisors sufficient time to pursue peer-reviewed publication.
During this period, researchers with legitimate academic or research purposes may request authorisation directly from the author to enable NERD to release the indexed full texts of the work using the form below.