Most Nigerian Farmers Never Insure a Season — Until Agric Cover Has to Replant It

Ask most Nigerian farmers whether their season is insured and the answer is usually the same: no, and the reason is almost always the same too — the rains will come, the flock will hold, the worst will not happen this year. The seed, the feed, the labour and the months of work represent real money, and yet the whole season sits uninsured on the assumption that drought, flood and disease are other farmers’ problems.

That assumption holds right up until the day it does not. An agric policy — arranged through My Insure Bank — exists for exactly that day. It is not a formality and it is not money down the drain: when drought, flood or disease wipes out a farm, it helps you replant and restock, up to the sum insured on your crop or stock. The protection is real. The problem is that most farmers never put it in place.

“The cover Nigerian farmers treat as optional is the one that puts seed back in the ground and stock back in the pen after the season fails — up to the sum insured, settled through My Insure Bank. Most simply never buy it.”

What an agric policy from My Insure Bank actually does

Agriculture insurance protects two things: the crop in the ground and the stockyou raise. Crop cover stands behind the planted field against drought, flood, storm, pest and disease. Livestock, poultry and fish-farm cover extend that to the animals and stock you depend on — cattle, goats, broilers, layers and the fish in the pond — against mortality from disease, fire and named perils. Bought through My Insure Bank, the policy helps you put the season back together, up to the sum insured you set when the cover is arranged.

This is the one number that matters most, and it is why agric cover is framed differently from motor. A third-party motor policy carries a regulated payout; an agric policy is built around your sum insured. Set it to the true value of the crop in the ground and the stock in the pen, and the policy is there to put the season back together. Set it too low to save a little on premium, and you carry the shortfall yourself. Getting that figure right is part of what a broker is for.

The worst seasons an agric policy is built for

These are not abstract risks. They are the everyday catastrophes that empty a farmer’s savings in a single season:

• The drought or flood that broke the harvest — crop cover helps you replant the field up to its sum insured.
• The disease that swept the flock — poultry and livestock cover make good the mortality so you can restock.
• The fire that reached the store or the pond that failed — named-perils and fish-farm cover restore the stock you lost.

Why “the rains will come” is the costliest bet

The deeper issue is the same one that keeps so many Nigerians underinsured everywhere: a quiet belief that insurance is money wasted, and that disaster is something that happens to other people. But a season you never insure is not proof that the risk was never real — it is simply a bet that paid off until the year it did not. And unlike a small setback, a wiped-out harvest or a dead flock is not something most farmers can replace out of pocket.

An agric policy turns that catastrophe into a claim. Through My Insure Bank, the cover that helps you replant your field and restock your pens is there before the season fails, not improvised after it.

How to actually claim — through My Insure Bank

If your insured farm suffers drought, flood, disease or fire and you hold a valid agric policy bought through My Insure Bank, the claim is handled for you rather than left to chance:

• Report the loss from your phone — note the date and what was affected, and send photos of the damaged crop or lost stock.
• Our claims team logs it with your insurer and tracks it through to a decision, so you are not chasing paperwork alone while the season is on the line.
• Once assessed, the claim is settled up to your sum insured — helping you replant the crop and restock the pens, so the loss does not fall on you alone.

The takeaway is simple. The season most Nigerian farmers leave uninsured is usually a whole year of work and income. Agric insurance from My Insure Bank is what stands behind it when the worst comes — cover that helps you replant and restock, up to the sum insured on your crop or stock, so a single bad season does not undo everything.