About weather insurance

What is weather index insurance? +

Weather Index Insurance is a new form of insurance, called parametric insurance. It pays based on the adverse weather event, rather than the damage that the weather event causes. The payment is based on a predetermined calculation.

How is it different from traditional insurance? +

Traditional indemnity-based insurance pays a proportion of the damage that you suffer. This requires a damage assessment, and an agreement between the insurer and the insured about how much that damage is worth. As a result, claims can be delayed or even denied. Weather index insurance pays out based on a pre-determined calculation—it is more transparent, fairer, and faster than traditional insurance.

Who can be covered? +

Any agricultural enterprise in Australia which could be negatively affected by the weather can buy cover.

Is weather index insurance right for me? +

We are not authorised to provide financial product advice. Accordingly, the information on this website does not take into account your objectives, financial situation or needs. Always consider the applicable policy wording and other relevant disclosure documents before deciding to acquire a financial product.

Where can I buy weather index insurance? +

Please contact your nearest broker, found here.

What risks are covered? +

You can buy cover for four types of weather risks: Low Temperature, High Temperature, Excess Rainfall, and Deficit Rainfall.

Do I have to be a farmer to buy it? +

Yes. The person or company being insured must be an agricultural producer who would suffer a loss from adverse weather to qualify for this insurance.

What kinds of crops or produce can I insure? +

Any type of crop or agricultural produce can be insured.

Is weather index insurance right for me? +

We are not authorised to provide financial product advice. Accordingly, the information on this website does not take into account your objectives, financial situation or needs. Always consider the applicable policy wording and other relevant disclosure documents before deciding to acquire a financial product.

How do I make a claim? +

Our systems monitor the weather information specified in your contract. If adverse weather occurs, you will be sent a notification of the index loss calculation. Before a claim can be paid, you must complete a statutory declaration that you have suffered a loss greater or equal to the index loss.

What kind of payments does the policy provide? +

You can nominate the payment you prefer when you buy the policy. You can be paid a fixed lump sum amount, be paid per millimetre for rainfall, or be paid for each day of extreme temperature.

How long does it take to get a claim paid? +

Weather index insurance typically pays much faster than traditional insurance. Claims are typically paid to you within 10 business days.

Who is Crop Risk Underwriting (CRU)? +

Crop Risk Underwriting Pty Ltd (ABN 65 070 495 162) is a Managing General Agent representing the underwriter. CRU is authorised to quote, issue and service policies, and is an Authorised Representative (001274350) of Weather Risk Management Solutions Pty Ltd AFSL 233798, ABN 60 003 720 705.

Who is Hillridge Technology? +

That us! Hillridge Technology Pty Ltd (ABN 59 626 518 474) is a technology company that has provided the software to allow for online pricing of weather index insurance, and to monitor the weather for the Policy.