By Emma Thomas Chief Executive Officer Achmea Farm Insurance
Celebrating and Protecting Farmers on National Agriculture Day
“Agriculture is the backbone of our country. Without passionate individuals dedicated to farming, food security and sustainable living, we wouldn’t have access to fresh, safe and nutritious produce every day.
That is why today, on National Agriculture Day, it is vital that we acknowledge the importance of the agricultural sector.
Sustainable Future for Agriculture
As our global population continues to rise, the demand for sustainable agricultural production is increasing, presenting farmers with the challenge of producing more with fewer resources.
I have the privilege of witnessing the resilience and dedication of farmers across the country as they tackle these challenges in pursuit of a sustainable future.
As a leader in agricultural insurance, I want to highlight the vital role that insurance plays in supporting a resilient and sustainable agricultural sector. Insurance serves as a safety net for farmers, enabling them to keep farming – even during challenging times.
The Importance of Insurance in Agriculture
Recent natural disasters, such as the devastating 2022 floods, have underscored just how vital adequate insurance is. Yet, affordability is a pressing concern.
With inflation driving up input costs – from equipment and building materials to labour – and another season of potential catastrophes at our doorstep, now is the time to pause and reflect whether your current insurance coverage meets your needs.
Inadequate insurance coverage can pose significant risks, and widespread underinsurance can ultimately threaten the resilience of our agricultural communities.
Customisation for Coverage and Affordability
Here are several strategies for farmers to strike a balance between coverage and affordability:
- Review your policy: Take the time now, before the holiday rush, to review your policy –including excesses and coverage levels – to ensure it aligns with your current needs. Choosing the right coverage today can lead to long-term benefits.
- Assess your risks: Review your farm’s specific risks to identify key areas that need coverage, such as vehicles, buildings, contents and business interruption.
- Find a specialist farm insurer: Look for a dedicated farm insurer who can help you tailor your policy to your specific needs. Every farm is unique, and a one-size-fits-all approach may result in either overpaying for unnecessary coverage or, conversely, being underinsured when it matters most.
- Consult your insurer: have a conversation about policy options that protect your farm against underinsurance, which can help you manage your risk. Consult your farm insurer early, especially if you are considering changes to your farming operations, such as acquiring new properties and/or constructing new buildings. Delaying this conversation could result in challenges securing appropriate insurance for crucial infrastructure.
Taking a proactive and informed approach to farm insurance is essential for enhancing the resilience of our agricultural sector.
On this National Agriculture Day, I am proud to be part of Australia’s agricultural sector and celebrate the dedication and hard work of farmers committed to our food security and ensuring a sustainable future for generations to come.”