The Queensland Farmers’ Federation along with project partners*, are aiming to develop new insurance products that integrate insurance solutions with optimal crop management strategies to maximise farm profitability and income stability.
Project Objective/Background
The project will deliver innovative insurance options, for example, to help offset the financial effects of natural hazard events.
By developing ‘fit for purpose’ affordable insurance products this project intends to grow the self-reliance and performance (productivity and profitability) of the agricultural sector.
Hail cover
One of the areas that has been identified as a gap is hail cover. Part of the reason for the lack of parametric products for hail is as a result of the lack of available micro (location) level data for hailstorm impacts.
Hailstorms can often impact very discrete areas much smaller than the 2km grid data provided by the Bureau of Meteorology, with the aid of Hailios and their hail measurement plate the project hopes to gather hail impact data at the paddock level that will help inform new parametric hail insurance products.
Aims
The aim of the monitoring trial is to establish the market need for parametric hail insurance products in a way that is data backed and site specific.
What you (the business) get from the Project
A two year subscription and installation of one Hailios hail plate (or two depending on the size of the area of production).
A parametric hail insurance quote and draft policy from CelsiusPro and/or WTW. The quote and/or draft policy may be revised multiple times during the trial period.
Data related to the hail plate and related weather events
What you (the business) give to the Project
Permission to the QFF project team to install the hail plate/s.
Basic details to enable non-obligation hail quote and or draft policy to be provided.
Permission to carry out research related to the project on the farm.
Consent to photography.
Consent to participate in case studies, provide material for narratives to be promoted as part of the project's communications.
Devices
The HAILIOS system and equipment would be installed as shown (Figure 1).
No power or wiring is necessary, as the system is fully autonomous.
Cost
There will be no monetary cost to you.
We only ask that you contribute some time.
Site pre-conditions
The farm must meet the following conditions
Producing a crop that is impacted by hail.
The farm site is of a size (ha) with topography suitable to installation of a hail plate and provision of research data to the project.
Site requirements
If buildings or trees are within fifty feet of the installation point, obstructions that are twenty feet taller than the installation site must be avoided;
The installation should, to the extent practicable, be away from areas of routine maintenance or occupation;
The installation must be on the property covered by the policy on which there the quote was issued.
Access to the installation site must be in compliance with the relevant workplace health and safety regulations for your jurisdiction.
If your business can meet the above requirements please contact Jonathan Barratt
P: 02 9994 8009 M: 0418 384 270
E:
W: celsiuspro.com.au
* University of Southern Queensland, Willis Towers Watson and Celsius Pro
See this article in Tree Fruit November 2022
