The outlook of multi-peril crop insurance has received a boost with the announcement of new research grants for projects that collect data to assess the viability of the insurance giving producers further options to protect their investments.
Grants of up to $100,000 are available for the Queensland agriculture sector.
Crop insurance and other risk management options currently have a low level of uptake in Queensland and Australia, this has been attributed to the lack of data against which insurers can assess and price risk, which makes crop insurance premiums more expense than they otherwise may be.
The research grants of up to $100,000 will support projects that collate and/or interpret agricultural production data on a regional or industry/crop specific basis. The data will then be publicly available and could be used in the assessment and development of risk management products such as crop insurance.
For further information on these grants, including the application process, visit https://www.daf.qld.gov.au/business-trade/development/crop-insurance-research-grants or phone 13 25 23.