The Nigerian Agricultural Insurance Corporation has said it paid claims totalling N464m to its insured farmers across the country in the first quarter of 2019 financial period.

In a statement, the Managing Director/Chief Executive Officer, NAIC, Mrs Folashade Joseph, said that prompt payment of claims had always been the cardinal principle of NAIC.

“As a responsible player in the agric insurance space, we at NAIC believe that prompt payment of claims is the ultimate goal of any insurance business,” she said.

NAIC was established by the Federal Government to shield farmers from the adverse effects of natural disasters.

Joseph stated that the corporation provided insurance cover to all categories of operators including small, medium and large scale across the agricultural value chain.