Drought affected farmers insured through Insurance Australia Group (including the WFI, CGU and NRMA brands) can access new assistance as part of a package announced this week.
IAG is offering to help with insurance premium payments for its primary producer farming customers experiencing financial hardship because of the New South Wales and Queensland drought.
Under the Drought Assistance Package, IAG will arrange for some or all of the insurance premium for these products to be deferred for up to 12 months.
IAG will work with individual customers to tailor an appropriate repayment plan for the deferred premium.
Existing IAG primary producer farming customers who have a WFI Rural Plan, CGU CountryPak (and associated CGU Farm Motor), or NRMA Rural Farm product can request a Drought Assistance Package from IAG.
The package will also be available to existing IAG farming customers in drought declared regions, who are receiving the Federal Government’s Farm Household Allowance and who are also receiving drought related financial assistance from their financial institution.
“The drought in NSW and Queensland continues to have a significant impact on many farmers. As Australia’s largest agribusiness insurer, we want to ensure our customers can continue to be adequately insured by giving them options for paying their insurance premiums,” Executive Manager IAG Agri Solutions Andrew Beer said.
Continued insurance cover is critical in reducing additional risks for their businesses at a time when they are already facing significant difficulties.
As part of the offer, IAG is partnering with Elantis Premium Funding, who have donated their time and resources to assist with establishing and managing the tailored repayment plan agreed with each customer once they get back on their feet.
In addition to the Drought Assistance Package, the IAG Foundation is donating $640,000 to Lifeline to support targeted mental health programs across regional and rural Australia.
Eligible customers can contact IAG directly on 1300 667 227 or talk to their insurance broker or representative to seek further details and apply for the Drought Assistance Package.