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IAG defers premiums for drought-hit farmers

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IAG has introduced a drought assistance package for farmers in NSW and Queensland who are struggling to pay for insurance.

It is available to primary producers in drought-declared regions who are receiving the Federal Government’s financial hardship payments.

IAG will defer some or all premiums for up to a year on WFI Rural Plan, CGU CountryPak, CGU Farm Motor and NRMA Insurance Rural Farm products.

It will work with customers to tailor repayment plans. The offer applies to policies due for renewal between last Wednesday and November 27 next year.

EM Agri Solutions Andrew Beer told insuranceNEWS.com.au that in some instances customers are changing their cover due to the impact of the drought, and IAG wants to give them the option to maintain their insurance.

He says continued coverage is critical in reducing risk when farmers already face significant difficulties.

IAG has partnered with premium funder Elantis on the repayment plans. It has also announced a $640,000 donation to Lifeline for mental health programs across regional Australia.