Focus on multi- peril insurance

By Country News on February 29, 2016

Farmers in Victoria need real insurance against the elements, and the state’s peak farmer organisation believes multi-peril crop insurance could be the key.

VFF Grains Group president Brett Hosking said multi-peril crop insurance would be a main focus of the group’s upcoming annual conference.

‘‘The impact of drought and other climate conditions on the grains industry is of national significance,’’ Mr Hosking said.

‘‘It is paramount that we continue to discuss the options available to us, as well as argue for government support.’’

Recent statistics show that the grains industry brings in an estimated $12.38billion to the Australian economy.

At the conference VFF Grains will put forward a resolution to lobby the Federal Government to commit funding for developing a commercially sustainable multi-peril crop insurance market, which will enable the industry to self-insure against production risk and climate variability.

‘‘Farmers need peace of mind against unpredictable weather conditions, and multi-peril crop insurance is a reasonable answer, which is why it is top of our agenda for this year’s conference,’’ Mr Hosking said.

‘‘Many farmers have had two consecutive years of drought, when just five years ago our growers were challenged by extreme flooding.

‘‘Insurance will give incentives for continued post-drought farm expenditure, which will improve productivity in seasons immediately after droughts and ensure our small rural communities don’t suffer through lack of spending.’’

The VFF Grains Conference will this year be held in Horsham on Monday, February 22.

By Country News on February 29, 2016

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