AIICO Insurance Plc has introduced a new bundled protection initiative designed to strengthen financial security for smallholder farmers and low-income households across Nigeria. The initiative, unveiled in Lagos, follows a nationwide engagement exercise in Ibadan, Kano, and Calabar, where the company interacted with farmer groups, community leaders, and informal workers to understand their most pressing challenges.
The new solution, known as the AIICO All-in-One Financial Protection Initiative, combines personal accident cover, hospital encashment, and a long-term savings component into a single affordable package. The company says the initiative was created to reduce the economic disruptions often caused by medical emergencies, accidents, and a lack of retirement planning among low-income earners.
AIICO’s Managing Director and Chief Executive Officer, Babatunde Fajemirokun, said the company’s interactions with communities revealed the urgent need for financial safety nets at the grassroots. He explained that many farmers and informal workers remain vulnerable to income shocks that can wipe out their livelihoods.
He said the new initiative is intended to provide stability for the millions of Nigerians who contribute significantly to the economy but lack access to formal financial protection. According to him, ensuring that families do not fall deeper into poverty because of unexpected events is central to the company’s mission.
The Executive Director, Technical, Adewale Kadri, said the product is suitable for a wide range of Nigerians beyond farming communities. He added that AIICO’s long-standing reputation for prompt claims payment gives users assurance of reliability.
Kadri also noted that the product’s affordability was intentionally designed to ensure wider adoption among rural and semi-urban households. He said the company will continue expanding its sensitisation efforts to improve insurance awareness and inclusion across the country.
The launch comes at a time when financial protection remains low in Nigeria, especially among rural dwellers and workers in the informal sector. AIICO Insurance, established in 1963, says it hopes the new initiative will support families, strengthen resilience and encourage long-term wealth building for millions of vulnerable households.
