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 to do before. They had good planting rains, but conditions dried up, drought hit hard, and yields fell. When the Maces finally harvested, their revenue from the low crop yields was well below the insured amount, so they were able to recoup their losses.
The policy was part of a MPCI pilot by one of Australia’s first MPCI providers, Latevo, along with then-insurer Allianz (earlier this year Latevo entered into a Managing General Agency agreement with Assetinsure, with support from Swiss Re).
Publication: NIBA Insurance Adviser
Date: 01 June 2015
By Joshua Hoey