Farm insurance costs in Australia's cropping sector have risen 25-50% over five years due to severe weather, bushfires, global reinsurance spikes, and rising costs.
Farm insurance costs in Australia have risen significantly over the past five years, particularly in the cropping sector, leading farmers to make tough choices about which assets to insure. Increases of 25-50% have been common, and farmers are excluding assets like aging silos, vehicles, and sheds to cope. The rise in costs is due to severe weather events, bushfires, global reinsurance spikes, and rising machinery and construction costs.
June 16, 2024
4 Articles