Over the last three seasons, Assetinsure has committed significant resources to develop and underwrite an outstanding Multi-Peril Crop Insurance (MPCI) product that covers growers who produce winter crops i.e. wheat, barley, canola, lupins, chickpeas, lentils, faba beans, field peas, oats and incidentally hay.
Regrettably, the take-up within the farming sector has been low, an experience shared by other insurers offering a similar product. Unlike many countries in the world, there has been no relevant support or subsidisation of this insurance cover from Australian States or the Federal Government which has underpinned the approach of other countries in avoiding “picking up the pieces” of natural disaster and crop failure for farmers.
Customers who purchased a policy in 2017 will be covered through 2018 as per the policy terms and conditions.
We continue to believe that MPCI provides a useful risk management tool for Australian farmers as awareness and understanding of its potential value improves – both among farmers and within governments. If the situation changes in the future, we will re-look at this specialist type of cover.