Elders Insurance Urges Farmers to Prepare for Summer Storm Risks
Data Reveals Increased Claims and Financial Impacts
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Elders Insurance is calling on Australian farmers to brace for another challenging summer, as recent data reveals a significant rise in storm-related insurance claims and associated financial impacts across the nation's agricultural regions.
Analysis of storm-related farm insurance property claims over the past two years indicates that the summer months account for the highest number of claims nationally. The 2023-2024 summer alone accounted for nearly half (47%) of all claims over the 12-month period, with the 2024-2025 period tracking similarly, with 41% of claims to date lodged during the summer months.
The financial implications are substantial. Claims paid totaled approximately $92.14 million in 2024, nearly doubling the $55.85 million paid in 2023. The average cost per claim during the 2024-2025 summer was approximately $24,000, with summer claims accounting for about 53% of the total paid over the 12-month period.
These statistics underscore the critical need for farmers to implement proactive risk management strategies. Elders Insurance emphasizes the importance of regular maintenance of farm infrastructure, securing loose equipment, and staying informed about weather forecasts to mitigate potential damages.
For farmers, understanding the specific risks associated with their operations and ensuring adequate insurance coverage is essential. Engaging with insurance providers to review and update policies can provide peace of mind and financial protection against the unpredictable nature of summer storms.
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