Africa Re, in collaboration with the Livestock Productivity and Resilience Support Project (L-PRES), a consortium of insurance providers, and development partners, has launched an Index-Based Livestock Insurance (IBLI) product in Nigeria.

The product was officially introduced at an event on July 24th, 2025, at the Transcorp Hilton in Abuja. The launch event brought together key stakeholders from government, the insurance sector, development institutions, and pastoralist communities to mark a significant step in tackling climate-related vulnerabilities and strengthening the livestock value chain.

The Honourable Minister of Livestock Development, Alhaji Idi Mukhtar Maiha (represented by Professor Yustaz Yayi), formally launched the programme, reaffirming government support and highlighting the strategic role of livestock in national development.

Designed to protect pastoralists and livestock farmers from the financial impacts of drought and pasture degradation, the insurance product uses satellite data to monitor vegetation and trigger timely payouts.

This parametric approach enhances transparency, efficiency, and trust in insurance as a tool for managing risk.

The pilot phase will run from August 15th, 2025, to March 30th, 2026, targeting 20,000 livestock farmers across Sokoto, Bauchi, Adamawa, and Plateau States.

Participating insurers include REX Insurance, Leadway, AIICO, NAIC, and NSIA Insurance, with technical advisory from Dalili Advisors. All partners are committed to ensuring accessibility, affordability, and effective delivery for the intended beneficiaries.

Source - Reinsurance News