Page 15 - Demo

Insurance a key factor in building resilience
Protecting farm gate returns
THE emotional and phys- ical toll of drought and floods on Australian ag- ricultural communities is costly, but the financial toll is forever front of mind for those in primary production – especially when it comes to insur- ance.
transform how index-based insurance and optimal crop management can be used to reduce financial risk and improve income stability.
resilience and sustainabil- ity in their enterprises,” Ms Sheppard said.
the season in an attempt to reduce the frost risk, as an example.
Prof Mushtaq said by de- veloping ‘fit for purpose’ affordable insurance pro- jects and an industry dis- cretionary mutual fund as a cost-effective channel for wider distribution and adoption, the project will grow the self-reliance and performance of the agricul- tural sector.
But thanks to research- ers from the University of Southern Queensland, a new Drought Resilience Innovation Grants project led by the Queensland Farmers’ Federation and funded through the Aus- tralian Government’s Fu- ture Drought Fund, plans to
QFF chief executive offic- er Jo Sheppard said exper- tise provided by USQ will assist them as the lead pro- ject institution to ensure the targeted insurance products are deliverable.
“It is important that re- search is conducted closely with industry and the op- portunity to collaborate with the USQ Centre for Climate Sciences on this important work is wel- comed.
“This makes sense, how- ever while those strategies might reduce weather im- pacts, it does compromise yield and income because they’re not planting at the best time for their particu- lar crop,” Prof Mushtaq said.
“There’s also the case that this strengthens the well- being and social resilience of rural, regional and re- mote agricultural depend- ent communities too,” Prof Mushtaq said.
Minister for Agri- culture and Northern Australia David Lit- tleproud said sound traceability and bios- ecurity starts on the farm and is founda- tional to Australia’s national biosecurity.
“These grants will be delivered in part- nership with interest- ed state and territory governments, so they will be able to tackle the issues of greatest importance in their respective jurisdic- tions.
The project will see QFF collaborate with USQ and will offer access to crop insurance so farmers can take better-informed risks.
“The impact of prolonged drought and severe flooding events can be catastrophic on the viability of a farm- ing business and the sector is working hard to develop ways in which farmers can plan for and mitigate this risk where possible.
Planting late can expose crops to more severe heat and drought events later in the growing season.
THE Coalition Gov- to prepare for, miti-
Alternatively planting early to avoid heat stress exposes crops to frost.
ernment is commit- ting $20 million to boost on-farm bios- ecurity and traceabil- ity systems as part of our plan for a strong- er future.
gate against and re- spond to biosecurity risks.
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National Poultry Newspaper, May 2022 – Page 15
“The ability for farmers to self-manage risk is an important part of building
“The issue of being able to access effective and af- fordable crop insurance has been raised many times by industry as a gap in terms of farmers being able to self-insure against risk.
“Ideally, the farmer needs to plant in that optimal window and they’re more likely to do that if the risk of doing so is covered by insurance.
“For example, if insur- ance money was triggered within the week post a dis- aster event – flood, drought, or heatwave – this will help growers to get back to their feet quickly.
“Our ability to trace livestock and agricul- tural products quick- ly and effectively is fundamental to robust biosecurity and food safety systems, as well as critical to our agri- cultural export certifi- cation process.”
“This project will bring research and industry to- gether and enable further work to be undertaken to seek commercially viable solutions for farmers in managing risk.”
“Through this process we want to explore opti- mal strategies and identify those key risks to better inform the grower so they can strategically use insur- ance to get higher yields and high-income outcomes.
“This then can have an immediate positive impact on the communities con- nected to the farms af- fected.
“Effective on-farm biosecurity practices and the ability to trace agricultural products is critical to protecting farm gate returns and supporting new and continued access to export markets,” Min- ister Littleproud said.
“Biosecurity is a key pillar of indus- try’s $100 billion by 2030 goal – this is a great opportunity for our producers to uplift their biosecurity ef- forts.”
Professor Shahbaz Mushtaq from the USQ CACS said currently it’s common practice for farm- ers to plant earlier or later in
“Ultimately, we want farmers to use insurance as a risk management strategy through offering credible research to show them how it can be done.”
“By reducing farmer risk and creating viable insur- ance options that shifts the burden from the public sec- tor to the insurance sec- tor, there’s also the likely outcome of reducing public costs of drought and flood assistance.”
“We’ll offer up to three rounds of grant funding for activities that will support in- dustry and producers
If insurance money was triggered within the week post a disaster event – flood, drought or heatwave – this will help growers to get back to their feet quickly. Photo: Darryl Cleeve
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