Drought-hit NSW renews push for farm insurance scheme

NSW has again called for a dedicated insurance scheme to protect farmers and the wider agricultural sector from future droughts and other natural disasters. Agriculture Minister Adam Marshall urged his […]

Moree farmers call for more drought support during AgMin meeting

Third-generation Moree farmers Daniel and Rebecca Reardon understand all too well that drought comes with the business of farming and, like most good managers, have planned for those tough years. […]

Australian governments urged to “take ambitious action” to protect farmers against drought

The NSW Government has renewed calls for the creation of a national income protection scheme to insure farmers against drought. At a recent special meeting on drought in Moree, Adam […]

Agribusiness confidence drifts lower as dry grinds on: NAB

CHALLENGING seasonal conditions and poor crop performance have led to a flattening of agribusiness conditions in the fourth quarter (Q4) of 2019, despite resilience in the lamb and mutton sector, […]

State and federal agriculture ministers to descend on Moree for AgMin meeting

As agriculture ministers from right across the country prepare to head to Moree for the special AgMin meeting to discuss the ongoing drought, there are a number of outcomes Northern […]

Use MPCI or struggle for finance

FARMERS may soon find themselves mitigating risk through some form of farm income protection product or face the prospect of having difficulties in getting finance.This was the view of multi-peril […]

Seasonal climate outlook Jul-Sep 2019

A drier than average three months is likely for large parts of the country, extending from the northern NT, through Queensland and NSW, and into Victoria and southeast SA. Western […]

Farming in a risky climate: AFI conference + PICS

THE Australian Farm Institute’s (AFI) mid-year conference in Brisbane today and tomorrow is tackling the big issue of climate change and its impact on agriculture.Under the theme “Farming in a […]

Farmer group keeps up fight for income protection

SENIOR NSW Farmers executives will continue the fight for enhanced government support of farm income protection and risk insurance, such as multi-peril crop insurance (MPCI). NSW Farmers held a forum […]

Ag’s risky business needs more farmer, govt safety net plans

Farming is a risky business in Australia, but it’s going to get a lot riskier unless farmers can better buffer themselves against increasing seasonal and market volatility.Agriculture needs to make […]

NSW Farmers call for subsidies or tax breaks to improve uptake of multi-peril crop insurance

NSW Farmers’ Matthew Madden has called on the Federal Government to reconsider subsidies or tax breaks to improve the uptake of multi-peril crop insurance. He says it’s a good safety […]

Latevo revamps structure

A multi-peril crop insurance provider is relaunching as a farmers’ mutual. Latevo is transitioning to a cooperative-like mutual model with 100% grower ownership, where policyholders will be entitled to receive […]

Latevo launches as farmers’ mutual

INSURANCE firm Latevo is relaunching with a new structure as a farmers’ mutual. Latevo, which is best known for its pioneering attempts to boost the use of multi-peril crop insurance […]

Latevo goes mutual as deadline nears for discount premiums

LATEVO has entered into a mutual-fund model which is able to universally waive stamp duty on farm-income protection premiums, and can offer its members rebates in high-yielding years. “It’s an […]

Pay-outs show farm income protection works

THE CHIEF executive of a farm income protection business said the pay-outs made by insurance businesses to growers highlighted how multi-peril farm insurance could strengthen Aussie farmers’ resilience to climate […]

The determined daughters keeping rural WA on the move

IT was just the way things were. When it came to splitting up the family farm, the boys would inevitably become the farmer while the girls would aim to marry […]

Crop Insurance Change on the Radar

Multi-peril crop insurance has the potential to enable practice change that can increase yields as well as recoup expenditure on failed crops A desire to insure against seasonal failure encouraged […]

Leg-up for income protection gains support

The farming industry was left hanging last week after expectations of an announcement on multi-peril crop insurance at the Drought Summit in Canberra were not met (also see facing page). However, […]

Income protection option gains support

THE agriculture sector remains committed to pushing for government to provide backing for a farm income protection service in spite of no funding announcements being made on the topic at last […]

Insurers present five-point farm income protection wish list

WITH THE topic of farm income protection back in the spotlight, the Insurance Council of Australia (ICA) has issued a release highlighting five measures it believes will improve the uptake […]

PM’s $5 billion drought future-proofing fund

Federal government is launching a $5 billion Future Drought Fund which could, coupled with new policy under consideration, guarantee funds for long-term measures and insulate support initiatives from ad-hoc political […]

Farmers urged to insure crops against drought failure

Farmers are being encouraged to take out commercial crop insurance policies to help their businesses become more financially resilient against drought. The measure was one being pushed yesterday at Canberra’s […]

Farming groups call for drought insurance tax breaks

Farming groups will use the Prime Minister’s Drought Summit to push for tax incentives to encourage farmers to insure themselves for drought. Multi-peril crop insurance is widely used overseas, and […]

NFF calls for long-term view at National Drought Summit

TOMORROW’S National Drought Summit proposes to identify what can best be done immediately to support those in drought-affected regions, and frameworks for long-term preparedness and resilience. In a week when […]

Government announcement on farm income protection insurance likely

INDUSTRY is awash with speculation a tax incentive mechanism for farm income protection will be released at the Prime Minister’s drought summit in Canberra tomorrow (Friday, October 26) Several sources […]

Insurers float five-point plan to help drought-affected farmers

The Insurance Council of Australia (ICA) today said it supports the removal of stamp duties on agricultural insurance products nation-wide as a key measure to improve the uptake of farm […]

Farm groups to lobby for insurance tax breaks at PM’s drought summit to boost income protection

Comprehensive car insurance, life insurance and income protection products are all designed for when the worst strikes, but few farmers are covered for when the rain dries up. That is […]

Economic wherewithall essential part of licence to farm: Nuffield scholar

FINANCIAL literacy should be part of the essential criteria to becoming a farmer in Australia, according to Booth Agriculture co-owner Claire Osborn Booth. Speaking at the Nuffield Australia national conference in […]

A grower talks about taking out MPCI for the first time

Drought across much of the country has refocussed attention on options for grain growers to manage production and financial risks within their business. Multi-Peril Crop Insurance (MPCI) is one of […]

Case for crop insurance mounts in crippling NSW drought

TWO EXECUTIVES from global risk-management advisor and broker, Willis Towers Watson (WTW), are in Queensland and New South Wales this month to advance the case for multi-peril crop insurance (MPCI) […]

Latevo is back in the MPCI business

After a year of not offering multi-peril crop insurance (MPCI) policies, Latevo is back to the MPCI market with a new offering. The new product, known as Latevo Farm Income Protection (FIP), […]

Latevo rebounds into multi-peril market with new income protection plan

Multi-peril crop insurance pioneer, Latevo, is returning to the farm income protection market in 2018 after bowing out last season. The company, which first championed multi-peril insurance in 2014, says […]

Latevo reboots crop insurance with three-tiered cover

LATEVO has re-entered the multi-peril crop insurance market with a three-tiered level of cover available to growers for $14-$26 per hectare which will cover 40-90 per cent of average crop […]

Latevo re-enters the market with cost-effective income protection for farmers

GRIFFITH, 21 March – Latevo has backed up its 2017 pledge to re-enter the market in 2018 with a more cost-effective and comprehensive farm income protection solution than before. Plenty […]

Latevo teams up with Geosys to offer low-cost MPCI cover

Multi-peril crop insurer Latevo has forged a new partnership with Geosys – a global agriculture company that provides insurers with up to 30 years of archived data, maps, and real-time data – […]

NSW Government gives multi-peril crop insurance support thumbs down

THE NSW Government will not be subsidising multi-peril crop insurance (MPCI) premiums, despite the fact an independent review has found it may boost farmers’ financial self-reliance during drought. The announcement […]

Debate on multi-peril crop insurance pricing

THE MANAGER of multi-peril crop insurance (MPCI) business Latevo says suggestions MPCI in Australia is too expensive are ill-founded. Andrew Trotter said his company’s rates last year of around $15 […]

Latevo out of multi peril crop insurance equation this year

AUSTRALIAN growers will have less choice in the multi-peril crop insurance (MPCI) space this year, with pioneering MPCI business Latevo International confirming it would not offer cover this year after […]

Latevo lines up overseas insurer for 2018 crop season

Latevo is finalising a deal with an overseas insurer to underwrite its multi-peril crop insurance for next year’s growing season, CEO Andrew Trotter has told exclusively. However, it will […]

Safety net or springboard?

Crop insurance is often seen as an expensive safety net, but what if it was really a springboard for growers to capture peak prices and maximise on-farm efficiency? Andrew Trotter, […]

Insurance for harvests that come a cropper

FARMERS looking to better financially protect themselves and their families through tough times are encouraged to apply for a rebate up to $2500 to help cover the cost of taking […]

Fledgling multi-peril crop insurance industry looks forward to government subsidies on premiums

Multi-peril crop insurance companies (MPCI) are looking forward to governments offering subsidies for premiums, despite having a better year with fewer payouts. The fledgling industry has only a handful of […]

Farmers Scale Up Silos For Service

Crop farmer Andrew Hawthorne has taken to scaling a grain silo at the end of the day, where he picks up just enough phone signal to check his voicemail messages. […]

Crop insurance: No stamp duty relief for canola and lentils

VICTORIAN growers insuring high-value crops such as canola and lentils for hail damage receive no stamp duty relief, while wheat crops do. Growers taking out hail insurance for cereal crops […]

Multi peril crop insurance: Call for stamp duty consistency

THE stamp duty paid on multi-peril crop insurance is inconsistent between states, and farmers are calling for change so they manage their risk better. Analysis done by The Weekly Times shows South […]

Farm income protection eases pain of crop loss

CENTRAL West NSW farmer Shane Peasley was one of many to lose crops in this year’s near-record Lachlan Valley floods. His farm, Myall Park, sits between Lake Cowal and the […]

Multi-Peril crop insurance: Challenges and opportunities

“Farmers are tyre kickers,” explains Latevo International’s Andrew Trotter, “they like to have a good, long hard look at things for a year or two before jumping in.” When it […]

Farmers gain Federal help to insure against drought and flooding rains

DROUGHTS and flooding rains, fire, pests and disease, have long been the enemy of farmers, but now a major attempt to help them insure against the vagaries of farming has […]

Planning for the Worst

The big issues facing many on the land at the moment are the growing chance of drought and, in the opinion of an increasing number of farmers, the inevitability of […]

Taming the weather

In 2014, the Mace family of Nindigully, in the grasslands of southwest Queensland, made a claim against their multi-peril crop insurance (MPCI) policy, something no Queensland farmer had been able […]

Agricultural Competitiveness White Paper

Agriculture has always played an important role in the success of our nation—it touches all Australians. Agriculture is one of the five pillars of Australia’s economy and is a key […]

Latevo’s new multi-peril partner

MULTI-PERIL crop insurance (MPCI) business Latevo has announced a new underwriting deal with specialist insurance business Assetinsure. Assetinsure is an Aussie-based company but has the backing of insurance sector goliath […]

Growing insurer announces underwriting arrangement

Letevo International, one of several Australian companies seeking to establish multi-peril crop insurance (MPCI) as a presence in Australia, has announced a new underwriting partner. Assentinsure will be the underwriting […]

Call for government assistance as more grain farmers take up multi-peril crop insurance

More grain farmers are expected to take up multi-peril crop insurance this winter growing season. Last year, Latevo International was the first company to offer this particular type of multi-peril […]

Crop cover plan for farmers

Farmers would be asked to take out income protection insurance under a Federal Government proposal to prevent taxpayers being exposed to massive payouts in times of natural disaster. The West […]

Managing risk in primary industries

Latevo, Australia’s First MPCI Provider, at the ABARES 2015 Outlook Conference. Watch Andrew Trotter, Latevo CEO, speaking to the Conference attendees about mitigating catastrophic risk in Australian agriculture​. Watch… Publication: […]

Insurance boom to beat oncoming weather

Multi-peril crop insurance (MPCI) is expected to take a big increase in sales in the coming month as drought conditions brought on by El Nino threaten Australian crops. Following the first […]

Multi-peril crop insurance workshops spur interest among SA farmers

Multi-peril crop insurance provider Latevo International says its workshops have been well attended in South Australia. The Australian company partnered with insurer Allianz last year, to offer the program which […]

Farmers in major payout from Australian insurance first

The first payout under Australia’s first private multi-peril crop insurance (MPCI), underwritten by Allianz, is set to be received by a Queensland farmer after a failed season. Agricultural insurer Latevo International partnered with […]

Farmers receive major payout from Australia’s first multi-peril crop insurance after crops failed

A Queensland farmer is set to receive a $944,000 payout under Australia’s first multi-peril crop insurance, after a failed season. The Australian company Latevo International partnered with insurer Allianz last […]

Crop insurer gets first customers

ALTHOUGH the stakes are getting higher, WA farmers continue to roll the dice each growing season. Rising production costs, unpredictable commodity prices, climactic variability, low profit margins and significant debt […]

Multi-peril crop insurance a reality

MULTI Peril Crop Insurance (MPCI) became a reality for WA growers last week when Latevo International with Allianz Australia offered its first policies for the 2014 season. In what has […]