Multi-peril crop insurance in focus for NSW Gov

The New South Wales Government has commenced an examination of incentives that might be used to promote multi-peril crop insurance (MPCI) in the state.

The Government has asked the Independent Pricing and Regulatory Tribunal (IPART) to review a number of proposals to see if they will  increase farmers’ resilience and preparedness for drought, and reduce their reliance on government assistance, in a cost effective manner.

A short Information Paper released by IPART can be accessed here. Some key questions regarding multi-peril crop insurance that IPART is seeking information on include:–

  • What are the barriers to the offering and uptake of MPCI in NSW?
  • What issues should IPART take into account when designing a measure to reduce the upfront cost of multi-peril crop insurance premiums?

If NIBA members have information, suggestions, comments or questions that they wish NIBA to provide to the inquiry, please send them through directly to NIBA CEO Dallas Booth at dbooth@niba.com.au. Preliminary submissions to the inquiry are due by 29 April 2016.

This announcement followed quickly on from the Federal Government’s announcement that it was making more than $20m in rebates available over 4 years to help farmers access expert advice on the agriculture insurance options for them. Read more about that here.