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In a significant development for Australia's agricultural sector, Rural Affinity has renewed its partnership with Munich Re Specialty – Global Markets under a new five-year agreement. This collaboration, which began in 2006, is set to enhance the availability and scope of agricultural insurance products across the country. - read more
WFI Insurance has reported a notable decrease in farm liability claims across most categories, signaling a positive trend in safety practices within the Australian agricultural sector. The insurer observed a 75% reduction in falls from height over the past year, alongside a 30% decline in impact injuries, marking the lowest level in four years. - read more
Elders Insurance is urging Australian farmers to prepare for another damaging summer, with claims data revealing the scale and financial impact of storm activity across the country's agricultural regions. Analysis of storm-related farm insurance property claims over the last two years indicates that summer accounts for the highest number of claims nationally. - read more
As the Australian summer approaches, Elders Insurance has issued a cautionary advisory to farmers, emphasising the heightened risk of storm-related damages during this season. Recent data indicates a significant increase in insurance claims due to summer storms, underscoring the need for proactive measures to safeguard agricultural assets. - read more
In a significant move towards promoting sustainable agriculture, WFI Insurance has partnered with AgCarE to offer premium reductions to farmers who achieve AgCarE certification. This collaboration aims to enhance financial, environmental, and social outcomes for Australian farmers and rural communities. - read more
Insurance Australia Group (IAG) has issued a warning to Australians, indicating that home insurance premiums are expected to rise due to the increasing frequency and severity of extreme weather events, a trend attributed to climate change. This development underscores the pressing need for both mitigation and adaptation strategies to address the evolving risks. - read more
As an Australian farmer, understanding the necessity of farm insurance is crucial to protecting your livelihood. The agricultural sector is inherently fraught with risks, ranging from natural disasters to the unpredictable market. Farm insurance serves as a vital safety net, safeguarding your farm's infrastructure, crops, livestock, and more. - read more
In the ever-evolving landscape of modern agriculture, the security and stability of a farm hinge on thorough preparation and strategic foresight. A pivotal component in safeguarding a farm's future lies in the critical role of on-farm risk assessment. This process provides a structured approach to identifying potential risks that could affect a farm's operations, financial health, and overall sustainability. - read more
Welcome to our definitive guide for Australian farmers on managing one of the most crucial aspects of their business: insurance. As a cultivator of the land, you're no stranger to the unpredictability of nature and the market. From intense weather events to fluctuating market demands, your line of work comes with its unique set of risks. Hence, safeguarding your livelihood with the right insurance is not just important—it's essential. - read more
As a farmer, you know that unexpected events can have a significant impact on your farm and your livelihood. Natural disasters, such as floods, fires, droughts, and storms, can occur at any time and have devastating consequences. That's why it's crucial to have a comprehensive disaster response plan in place to protect your property, assets, and, most importantly, your loved ones and livestock. - read more
Cybersecurity refers to the practice of protecting systems, networks, and programs from digital attacks. In the context of agriculture, it involves safeguarding the digital solutions and technologies that have become intrinsic to modern farming operations. As technological advancements continue to revolutionize the farming landscape, the importance of cybersecurity in securing farm data and operations has become more pronounced. - read more
For farmers across rural Australia, the unyielding dry spells brought on by persistent drought conditions are not just an environmental concern but a significant financial challenge. Effective financial planning becomes a cornerstone strategy for ensuring the resilience and longevity of these crucial agricultural businesses. The prickling heat and parched earth serve as stark reminders of nature's capacity to impact livelihoods, especially when the rain doesn't grace the farmlands for extended periods. - read more
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Knowledgebase
Moral Hazard: The concept that individuals may take on more risk when they do not bear the full consequences of that risk, often relevant in insurance scenarios.