Spring frost alone costs Australian grain growers an estimated $360 million in annual direct and indirect losses, according to research. Descartes Underwriting’s Head of North Asia & Australia, Ben Qin, says that in Australia many growers, particularly of grain crops, are currently extending plantings because prices are high. “With high crop yields expected, this is not the year to carry the burden alone,” he adds.
Although Ben emphasizes the fact that big investment can lead to larger losses if a spring frost event occurs, traditional insurance is not approachable for growers due to its high price and very limited capacity.
Descartes’ parametric insurance leverages cutting-edge technologies to provide a bespoke and cost-efficient solution against spring frost – providing grain growers, vineyards, and orchardists an alternative to self-insurance. With the ability to select coverage periods that reflect phenological stage vulnerability, our parametric frost covers build agricultural resilience and help growers bounce back faster.
Read the full interview of Ben discussing our parametric frost cover: Underwriter launches parametric frost cover – Daily – Insurance News – insuranceNEWS.com.au
