Farm businesses have a new tool to help protect against the perils of drought, frost, hail and fire, with federal government rebates available to farmers looking to secure agricultural insurance.
Deputy Prime Minister and Minister for Agriculture and Water Resources Barnaby Joyce says the Managing Farm Risk Programme recognises the great potential for insurance to help farmers reduce the financial risks caused by drought and events beyond their control.
“For years Australian farmers have been asking for insurance products to help manage income risks and give peace of mind against pests, droughts and flooding rains,” Minister Joyce said.
“This is another result from the Agricultural White Paper, delivering real policy change to complement real delivery in market development.”
Minister Joyce says the $20 million programme will provide one-off rebates to help eligible farm businesses with the cost of independent and professional advice on an insurance policy that covers threats to their productivity, such as drought and other production and market risks.
“The rebates will provide up to $2,500 in dollar-for-dollar matched funding against the costs incurred by an eligible farm business in securing, or attempting to secure, agricultural insurance,” he says.
“I encourage farmers to consider their insurance options, such as single or multi-peril insurance.
“This programme will help to develop a more diverse and mature insurance market to meet the varied needs of all farm businesses, with new insurance products already emerging.”
MGA Insurance Brokers says it’s looking forward to learning more about the program.
“With a large number of clients in rural and regional communities, naturally we welcome any new initiative around awareness and support of our farmers,” Managing Director Paul George says.
For more information, visit here.