Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Farming Community Underinsured

The Insurance Council believes that government assistance, to farmers hit by the recent Wairarapa hailstorms and fires in the north of the South Island, is appropriate.

The Government has responded with Taskforce Green initiatives to help affected farmers. However, it is unlikely the Government will be able to deliver the sort of assistance some farmers believe they deserve.

Insurance Council Chief Executive Chris Ryan says many people in the farming community are either underinsured or not insured at all.

"Farmers must start to see insurance as a legitimate business expense, in the same way that fertiliser or maintaining farm machinery is seen as a normal business expense," he said.

"The farming community will never get the sort of assistance required from the Government or local community to get them back on their feet following any sort of natural disaster. It is simply not sustainable", he added.

The Insurance Council says the only way farming communities can guarantee to rebuild their business after a natural disaster is through adequate insurance.

"Our climate has become more volatile. Floods, hail storms and droughts are hitting the agricultural sector around the world, and weather forecasters predict this trend to continue", Chris Ryan said.

"Insurance Council members paid out over fifty million dollars during the latest floods in Queenstown. There is simply no way the Government, the local community or the regional councils can come up with that sort of money", he said.

"It is time for the farming community to take the same approach as many other businesses - insure for the unexpected and expect minimal assistance from others".


ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>

ALSO:

Results:

Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news