WFI Insurance unveils new initiative to boost farmer savings

WFI Insurance unveils new initiative to boost farmer savings | Insurance Business Australia

Insurance News

WFI Insurance unveils new initiative to boost farmer savings

Insurance boss outlines benefits of initiative

Insurance News

By
Roxanne Libatique

WFI Insurance (WFI) and AgCarE have entered into a partnership aimed at improving financial, environmental, and social outcomes for farmers and rural communities across Australia.

The collaboration is expected to lead to potential savings on insurance premiums while assisting landowners in enhancing the natural capital of their agricultural properties.

AgCarE is a certification program developed by AgForce, which assesses agricultural properties for carbon and biodiversity offset opportunities. This program seeks to create economic advantages for landholders while contributing to broader environmental benefits, such as improved sustainability.

WFI partnership highlights contributions of producers

Commenting on the partnership, Michael Guerin, interim CEO of AgCarE, underscored the important role farmers play in both food security and environmental conservation efforts. He stated that producers can simultaneously enhance food and fibre production and contribute to positive environmental outcomes by focusing on natural capital.

“Strengthening food security can be done concurrently with improving environmental outcomes, the secret being baselining, leveraging, and investing in natural capital at a property and landscape level,” he said.

“In acknowledging the importance of holistic land management, we want to recognise customers who take a proactive approach to managing their risks and emissions by reducing their insurance premium,” he said.

What to expect from WFI’s partnership with AgCarE

Through this partnership, WFI will offer premium reductions to customers who achieve AgCarE certification.

The amount of savings will vary depending on factors such as the size of the property and the type of insurance coverage. Over the duration of a policy, these savings could amount to several thousand dollars.

Beer highlighted the mutual benefits of the initiative, saying it rewards farmers for proactively managing their risks while also opening up new revenue opportunities.

“This is a win-win for farmers, being rewarded for their progressive risk approach while gaining potential new revenue streams,” he said.

WFI’s data indicated a decline in certain types of accidents in the farming sector over the past year. The insurer reported a 75% reduction in falls from heights and a 30% drop in injuries from impacts.

Additionally, farm-related collisions have decreased by 7%, contributing to a four-year reduction of 23% in these incidents. However, beef cattle farming incidents have seen an increase of 40%, indicating an area where safety improvements are still needed.

Common injuries in the farming sector include knee, back, and shoulder injuries, with lacerations, fractures, and soft tissue damage accounting for the majority of claims.

The rise in property damage from severe weather events is also a significant concern, with claims for damage caused by natural events up by 32% over the past year.

Beer stressed the importance of safety measures on farms, particularly regarding the use of heavy machinery, which is often linked to fatigue and skipping essential safety procedures.