Farm customers increasingly looking to protect against rain shortage

Last year we announced the introduction of our partnership with Insurance House to deliver an innovative crop protection product to the Australian farming industry, distributed through ProCrop.
 
Currently available to farmers in Victoria and South Australia, we’ve seen strong growth in this product over the past year. 
 
“We’ve seen ProCrop becoming part of the risk management conversation for grain growers in Victoria and South Australia, and in turn have seen an increase in policies closed for the 2015 season,” ProCrop’s Bob Smith explained.
 
The product covers the financial loss when farmers receive less than 50% of their mean average rainfall during the critical ‘flowering’ period and subsequently their harvest earnings are impacted to the extent the input costs are not recovered in total.
 
“As more rural customers become aware this type of cover is available, we expect it will continue to grow and provide benefits to farmers who are increasingly exposed to climate change and weather events like the current El Nino effects,” explains CGU’s Rural Strategy Manager, Kent Hannam.
 
“As Australia’s leading rural insurer, we want to help farmers manage the risks that arise from what can be volatile climate conditions in Australia.”
 
“Working with our in-house climate experts, we’ll continue to lead the way in developing innovative rural products, and share our insights and experience with the government organisations looking at farm resilience and recovery.”

For further information about this innovative product please contact Bob Smith from ProCrop on 1300 776 327 or visit www.procropinsurance.com.au