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Insuring the Agricultural Sector: Can it Work?

Agricultural insurance is a major tool for farmers and other stakeholders to use in managing risk. Generally, insurance protects against production-related risks (pests, diseases, farming practices) and market & policy related risks (drought, flood, prices). Globally, the major value chains that benefit from insurance are crop and livestock, others include fishery and forestry. Access to agricultural insurance in Nigeria is limited and costly, particularly for rural farmers. In addition, farmers have poor access to other services like financing and inputs so insurance policies adds costs that most farmers are unwilling to incur. International best practices show that agricultural insurance is most effective when combined with other services such credit and technology.