The Federal Government’s $29.9 million insurance advice incentive has received a lukewarm response from the rural broking sector, with the funding tagged to fall short of producing big results.
The recent agriculture white paper outlines grants for up to $2500 for insurance and advice and assessments to eligible farmers, with the government matching farmers’ funds dollar-for-dollar.
Millennium Underwriting Director Heath Amber says although the funding should be received positively, the government could do a lot more to promote rural brokers to ensure effective use of funding.
“I think it great that the government is trying to raise awareness, and support farmers in seeking advice,” Amber says.
“But I’d like to see a similar awareness campaign run by the government highlighting how insurance brokers can advise on products to protect the future of the agricultural industry from an event or loss.”
“A lot of this is in the delivery. The initiative is there – it just might not have the proper roll-out. It may be missing an element, and that element might be the insurance broker,” he adds.
NIBA CEO Dallas Booth has had discussions with the Department of Agriculture about the important role brokers can play in advising rural clients on the best insurance options for the risks they face, and will continue to offer insight and guidance on how farmers can access the expertise of brokers.