AIICO Launches All-in-One Financial Protection for Nigeria’s Underserved Population

L-R:

Mr. Mike Eko – (Novus Agro Limited)

Mr. Oluwatosin Adesiyan (Associate Partner, Altimapa Capital, UK)

Mr. Isaac Magina (Africa Reinsurance Corporation)

Debo Abodunrin (MD/CEO, Truvis Agro Services Limited)

Mr. Lanre Sogbesan (GM, Scib Nigeria)

Alhaji Saheed Egbeyemi (DMD, Hogg Robinson Nigeria)

Mr. Edwin Igbiti (Immediate Past President, CIIN)

Honourable Esther Bepeh (Special Adviser – Governor of Cross River State)

Mr. Babatunde Fajemirokun (MD/CEO, AIICO Insurance Plc)

Mrs. Bola Odukale (DG, Nigerian Insurers Association)

Mr. Adewale Kadri (ED, Technical, AIICO Insurance Plc)

Mr. Stephen Raya (NAICOM)

Mrs. Funke Adenusi (Vice President, NCRIB)

Mr. Gbenga Ilori – (ED, Retail Business Division, AIICO Insurance Plc)

Dr. (Mrs.) Yeside Oyetayo (CIIN)

Mr. Dele Ige (CEO, Federated Loss Adjusters Limited)

AIICO Insurance Plc has officially launched its groundbreaking product, AIICO All-in-One Financial Protection, a bundled insurance solution designed to address the longstanding financial vulnerabilities faced by Nigeria’s smallholder farmers, rural families, and underserved populations.

The unveiling took place in Lagos, following an extensive countrywide engagement tour across Ibadan, Kano, and Calabar.

For decades, millions of hardworking Nigerians in the informal sector; market traders, smallholder farmers, artisans, transporters, and micro-entrepreneurs have remained exposed to huge financial shocks. A single illness, accident or emergency can erode years of savings, destabilise households, and push families deeper into poverty. Without structured retirement support, many also face the risk of hardship after their active working years.

AIICO’s All-in-One Financial Protection is a direct response to these socio-economic realities. Supported by AIICO’s international partners, LeapFrog Investments (UK) and the European Investment Bank (EIB), the solution brings together three essential covers in one accessible, affordable package:

  • Personal Accident Insurance – Provides compensation for accidental injury, permanent disability, or death.
  • Hospital Encashment – Offers cash benefits during hospital admission to help families manage medical and daily living expenses.
  • Deferred Annuity – A long-term retirement savings plan enabling low-income earners to build a financial cushion for the future.

Premiums have been intentionally structured to be affordable for low-income earners, with annual rates starting from ₦800 for Personal Accident and ₦5,000 for Hospital Encashment. Deferred Annuity contributions remain flexible and are determined by the customer’s age, selected annuity level, gender, and preferred commencement date.

Nationwide Engagement and Strong Reception

Ahead of the product launch, AIICO undertook market engagements and awareness campaigns across key agricultural regions – Ibadan (Southwest), Kano (North-Central), and Calabar (South-South).

The company met with traditional rulers, community leaders, farmer associations, aggregators, cooperatives, and rural households, introducing the product and capturing real-time feedback.

The reception was overwhelmingly positive, with admiration expressed for AIICO’s deliberate effort to bring insurance education and financial protection closer to the people.

Stakeholders highlighted the importance of simple, affordable solutions, especially offerings that cover health emergencies, accidents, and provide a pathway to retirement security. 

A Vision Anchored on Financial Inclusion

Speaking at the launch, AIICO’s Managing Director/CEO, Mr. Babatunde Fajemirokun, reaffirmed the company’s commitment to expanding insurance penetration and strengthening financial inclusion across Nigeria.

“We have adopted a grassroots strategy, conducting enlightenment campaigns in Ibadan, Kano, and Calabar, and our interactions with these communities have provided valuable insights into their challenges and aspirations. The AIICO All-in-One Financial Protection is our promise of support to Nigeria’s smallholder farmers and informal workforce, ensuring that illness, accident, or emergency does not erode years of hard work. This innovation brings security and peace of mind to the hardworking individuals who form the backbone of our economy.”

He added: “As a company with a history spanning over 60 years, our mission continues to be about creating solutions that enable Nigerians to thrive. This product is a reflection of that commitment; simple, accessible, and designed for everyday people who deserve peace of mind.”

Stakeholder Appreciation and Assurance of Value

Also speaking at the unveiling, Mr. Adewale Kadri, Executive Director, Technical, expressed gratitude to the leaders, associations, and farmers who warmly welcomed the product during the engagement tours.

“We are deeply appreciative of the traditional leaders, community heads, farmer groups, and value-chain players who received us across Ibadan, Kano, and Calabar. Their encouragement, insights, and enthusiasm reaffirmed that this product is timely and truly needed,” he noted.

He emphasised the universal relevance of the solution: “The All-in-One Financial Protection is not just for farmers – it is suitable for nearly everyone, regardless of social or economic standing. It provides meaningful coverage that shields families from financial shocks while also supporting long-term financial stability.”

Mr. Kadri further highlighted AIICO’s track record: “Our industry leadership is built on trust, strengthened by consistent claims payment over the decades. This legacy drives us every day to innovate and design products that reflect the real needs of Nigerians. We are committed to ensuring that financial protection is not a privilege, but something accessible to all.” 

A Catalyst for Deepening Insurance Penetration

The new product is expected to serve as a significant catalyst in closing Nigeria’s protection gap and driving insurance adoption, especially in rural and semi-urban communities where penetration remains low. By bundling three essential covers into one package at price points that align with the realities of low-income earners, the solution is poised to impact millions of families.

AIICO’s expanded distribution efforts, partnerships with community structures, and engagements across the agricultural value chain reinforce the company’s commitment to taking insurance beyond urban centers and embedding it in communities where vulnerabilities are highest.

AIICO Insurance is a leading composite insurer in Nigeria, with a 60-year record of accomplishment in delivering quality service to its clients. Founded in 1963, AIICO provides life and general insurance, health insurance, and investment management services to create and protect wealth for individuals, families, and corporate customers.

 

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