Crop Insurance in Australia – A Report Card
A summary of the Symposium’s findings
On 2nd December 2014 in Sydney, Strategis Partners convened the Symposium on the Future of Crop Insurance, which brought together over 60 people from all States of Australia to listen to experts and users of Crop Insurance.
The attached paper is Strategis Partners’ Submission to the Australian Government’s Agricultural Competitiveness Taskforce. It summarises the Symposium’s findings as a report card on the state-of- play. A key theme explored at the Symposium is that reducing uncertainty in crop production need not be costly for business — for farmers, for insurers, or for governments. But systemic change is needed.
When it comes to Crop Insurance, Australia can do better.
The way forward involves:
- Producers, agri-bankers and farm advisers increasing their knowledge of the role of insurance;
- Governments using ‘nudge’ policies to encourage producers to adopt insurance; and
- Insurers investing more in agricultural insurance product and market development.