NSW Government to have a crack at Drought Insurance
- By: "Farm Tender" News
- Rural Property News
- Jul 18, 2019
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GrainGrowers welcomes an announcement by NSW Deputy Premier John Barilaro about funding to explore options around a national insurance program for farmers. With the ongoing drought and a low winter crop forecast, farmers need access to appropriate risk management options to help protect farm income.
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There is currently a lack of risk management options commercially available in Australia. Multi-Peril Crop Insurance and weather derivative products can help protect Australian farmers against weather events, crop yield and revenue losses. Income protection products are an important tool for Australian grain farmers as they prepare and manage challenging conditions.
GrainGrowers’ 2019 Multi-Peril Crop Insurance report released earlier this year found the Australian crop and farm income insurance market in disarray.
GrainGrowers have been strongly advocating for Federal Government support for the establishment of a commercially viable income protection market for Australian farmers through the introduction of a temporary 150% tax incentive on Multi-Peril Crop Insurance and weather derivative premiums.
“Today’s announcement by Deputy Premier Barilaro is welcome news for agriculture. I would like to join NSW Agriculture Minister Adam Marshall in calling on the federal and other state government to support a national insurance program for farmers” said David McKeon, GrainGrowers CEO.
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“Grain farmers incur significant costs upfront when planting a crop and are unable to recoup these if the crops fail. MPCI and weather derivates allow a farmer to ‘farm with certainty’ and stay self-reliant. We look forward to working with Government, National Farmers’ Federation and NSW Farmers to ensure the right tools exist for growers” said McKeon.
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