The Nigerian Agricultural Insurance Corporation (NAIC) has promised to pay adequate compensations to insured farmers whose farmlands were ravaged by the recent flood disaster across the country.

Mrs. Folashade Joseph, Managing Director of NAIC said this Abuja on Monday in a press statement made available to News Agency of Nigeria (NAN).

She said this had become imperative for farmers to take advantage of the agricultural insurance solutions of the corporation to insure their farms.

“To other farmers who might have suffered from losses arising from the floods but did not have NAIC cover, the corporation wishes to sympathise with and encourage them to take advantage of the agricultural insurance solutions of the corporation.

Joseph said that the corporation is mindful of its corporate responsibility to provide relief and plough farmers back to prosperity through the prompt payment of appropriate compensations.

The NAIC boss disclosed that the federal government had subsidised farmers’ insurance in the agricultural value chain by 50 per cent.

Joseph described the subsidy as an advantage for farmers to take and make sure that they insured their farms and remained in business in case of any disasters.

“The subsidy is 50 per cent reimbursable to the corporation by the federal and state governments.

“All these are efforts to provide a secure future to farmers and eliminate the need for unpredictable ad-hoc assistance when insurable losses occur,” she said.

She said that in view of the recent flood disaster across the country, the board and management of NAIC sympathised with the affected farmers.

Joseph advised farmers across the country to always inform the nearest NAIC office, in their state, of their travails so that appropriate support be extended to them.

NAN reports that apart from insuring the risk of loss of crops from flood, NAIC provides insurance against crop losses arising from fire, lightening, drought and pests.

Equally, the risks of death of, or injury to, livestock caused by accident, disease, fire, lightening, storm or flood are insured by NAIC.