Crop insurers Insurance Facilitators is to enter the multi-peril crop insurance market in WA.

Lloyd’s, with Catlin as lead syndicate, will underwrite the agency's Cropsure product for this year’s growing season.

“Cropsure is designed to cover the production costs of farmers from a multitude of perils,” Insurance Facilitators Development Manager Julian Day told insuranceNEWS.com.au.

“We have focused on developing a multi-peril product during the past few years following extensive consultation with the farming community, peak bodies and industry groups.

“We feel the time is right to enter the market.”

Mr Day says Insurance Facilitators has focused on getting the underwriting model right, so the product is priced appropriately for farmers.

“We have to attract the mid-tier farmers, and that will be a challenge. But farmers and their banks are understanding the advantages of multi-peril insurance better.”

The product will be offered through Insurance Facilitators’ network of authorised brokers.

Insurance Facilitators has offered broadacre fire and hail cover to the market since 2003. It hopes to roll out the multi-peril crop cover nationally next year, Mr Day says.

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