WFI Insurance will provide pricing benefits to farming customers who gain a sustainability certification, with potential premium reductions ranging from a few hundred to thousands of dollars depending on property size and policy coverage.

The AgCarE certification is a nationwide program developed by Queensland peak agricultural organisation AgForce. It values the natural capital of properties and identifies carbon and biodiversity offset opportunities.

IAG-owned agricultural insurer WFI says it sees first-hand the impact climate change is having on farmers and rural communities, and looks forward to educating customers on the benefits of the AgCarE assessment.

“This is an innovative program, which aims to deliver direct financial and environmental benefits to farmers and the broader community,” WFI Insurance EGM Andrew Beer said. “In acknowledging the importance of holistic land management, we want to recognise customers who take a proactive approach to managing their risks and emissions, by reducing their insurance premium.”

AgCarE involves an initial audit of sustainable production, carbon and biodiversity assets. It aims to recognise producers for looking after landscapes.

“As the world faces significant environmental challenges, there remains a largely untapped opportunity through having food and fibre producers more central to the conversation,” AgCarE interim CEO Michael Guerin said.

“Strengthening food security can be done concurrently with improving environmental outcomes, the secret being baselining, leveraging and investing in natural capital at a property and landscape level.”