NEWS
Lasaco Assurance Enters Agricultural Insurance Market, Eyes Revenue Growth
Lasaco Assurance Enters Agricultural Insurance Market, Eyes Revenue Growth
Lasaco Assurance secures approval to offer agricultural insurance products.
New products will cover crops, poultry, fisheries, livestock, and farm property.
The company expects the expansion to boost revenue and strengthen business diversification.
October 13, () – Lasaco Assurance Plc has secured regulatory approval to offer agricultural insurance products as the company seeks to diversify its business, expand its market reach, and increase revenue.
The approval will enable the insurer to broaden its product portfolio and tap opportunities across Nigeria’s agricultural value chain, according to a statement issued by the company.
The move is expected to strengthen Lasaco Assurance’s presence in the agricultural sector by providing insurance solutions to farmers, agribusinesses and other participants seeking protection against production and operational risks.
The company’s planned offerings include Multi-Perils Crop Insurance, Plantation Insurance, Poultry Farm Insurance, Fishery Insurance, Livestock Insurance, Farm Property and Produce Insurance, as well as Cattle Insurance.
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Managing Director of Lasaco Assurance Ademoye Shobo Photo credit Arbertiz
Lasaco targets the agricultural value chain
Agriculture remains an important part of Nigeria’s economy, supporting livelihoods, food production and business activities across the country.
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However, farmers and agricultural enterprises face various risks that can affect production, income and business sustainability. Agricultural insurance can help mitigate some of these risks by providing financial protection against covered losses.
With its new product offerings, Lasaco Assurance aims to address the insurance needs of participants across different segments of the agricultural value chain.
The expansion also provides an opportunity for the company to develop relationships with farmers, agricultural enterprises, distributors and other stakeholders while identifying new sources of business.
The Managing Director of Lasaco Assurance, Ademoye Shobo, expressed confidence that the approval would contribute significantly to the company’s future revenue growth.
She described the development as an opportunity for the insurer to play a greater role in protecting agricultural investments and supporting the growth of the sector.
The company expects the new business line to contribute to its broader expansion objectives as it seeks to extend its reach beyond its existing markets.
Insurer deepens business diversification
The Head of Strategy at Lasaco Assurance, Adedayo Adetokun, said the development aligns with the company’s long-term strategy of diversifying its operations and strengthening its competitive position.
He highlighted the importance of strategic partnerships and innovative approaches in unlocking the potential of the agricultural insurance portfolio.
Building partnerships with agricultural businesses, distributors and other market participants is expected to help the insurer understand the sector’s specific needs and develop products that respond to changing market conditions.
The company also plans to operate its agricultural insurance business in line with applicable regulatory requirements as it builds its presence in the market.
New products create growth opportunities
The entry into agricultural insurance marks another step in Lasaco Assurance’s efforts to expand its business and identify opportunities in underserved segments of the economy.
By offering specialised coverage for crops, livestock, fisheries and farm-related assets, the insurer aims to establish stronger relationships with agricultural stakeholders while broadening its revenue base.
The success of the initiative will depend on the company’s ability to attract customers, develop effective distribution channels and establish partnerships that improve access to insurance across the agricultural sector.
For Lasaco Assurance, the approval creates an opportunity to combine business diversification with support for agricultural risk management, potentially strengthening its contribution to Nigeria’s insurance industry and agricultural economy.
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