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Insurance Companies in Nigeria and Africa have acquired capacity to underwrite agribusiness towards the support for food security in the continent following a partnership deal between Africa Reinsurance Corporation and IFC, a member of World Bank Group, DMD/COO Africa Re, Ken Aghoghovbia has said. In a statement, he added, “In order to address the challenges depriving African insurance from investing in agric space, the IFC’s Global Index Insurance Facility (GIIF) set up an experience account whereby the loss ratios of the net account for local risk carriers would be capped at 75 per cent and the excess loss amounts transferred to the Global Index Insurance experience account, with Africa Re as the fund administrator.” Aghoghovbia said IFC/GIIF fund, which Africa Re manages on behalf of the agriculture industry stakeholders aligns well with its mission statement of fostering the development of insurance and reinsurance industry in Africa. The Global Index Insurance Facility (GIIF) is a multi-donor program managed by the World Bank Group created to address the scarcity of affordable insurance protection against weather and catastrophic risks in emerging countries. GIIF is supported by the European Commission, the African, Caribbean and Pacific (ACP) Group of States, the Netherlands Ministry of Foreign Affairs, the German Federal Ministry of Economic Cooperation and Development (BMZ), and the Japan Ministry of Finance.