Hillridge and CRU bring Weather Index Insurance to Australian farm gates
Hillridge Technology has signed a technology agreement with Crop Risk Underwriting to bring Weather Index Insurance to Australian farm gates.
With this deal, farmers can now buy Weather Index Insurance for as little as $1,000, putting it within reach of thousands of Australian farmers for the first time.
Following the recent drought on Australia’s east coast, the need to manage weather risks is top of mind for many farmers, who are seeing increasing volatility in the usual ups and downs of seasonal conditions.
“Drought is a big problem,” says Hillridge CEO, Dale Schilling, “but farmers worry about other extreme weather too–– frost, heat stress, and too much rain at the wrong time, like just before harvest. Traditional crop insurance often only covers bushfire and hail, but not the risks farmers are more exposed to”.
Weather Index Insurance on offer from CRU addresses four of these risks: low temperature, high temperature, excess rainfall, and deficit rainfall. A form of “parametric insurance”, it pays based on weather data from a nearby weather station or grid point, and predetermined calculations up to a limit.
“Weather Index Insurance has been available to large agribusinesses for many years, but with Hillridge’s technology, we are excited to bring this important risk management tool to within reach of Australian farmers” explains CRU Director Peter Book.
Weather Index Insurance provides opportunities to cover more perils than traditional indemnity-based insurance. It is transparent and is often faster to pay out than traditional insurance. Any agricultural enterprise in Australia which could be negatively affected by the weather can buy cover.
Please contact one of the insurance intermediary partners of CRU, listed on their website, for further information on buying Weather Index Insurance.
About us
Hillridge Technology Pty Ltd (ABN 59 626 518 474) is a technology company that has provided the software that underpins the online pricing of weather index insurance, and monitors the weather for each Policy.
Crop Risk Underwriting Pty Ltd (CRU) (ABN 65 070 495 162) is a Managing General Agent and is authorised to quote, issue and service policies on behalf of the underwriter. CRU is an Authorised Representative (001274350) of Weather Risk Management Solutions Pty Ltd AFSL 233798, ABN 60 003 720 705.