IAG expects more than 100 farmers to participate in a pilot program offering multi-peril crop insurance for wheat, barley and canola growers.

Under the one-year pilot, the crop income protection product will be offered to identified Landmark customers insured with CGU and WFI in Victoria, WA, SA and NSW.

The cover protects against yield shortfall caused by perils such as flood, frost, drought and vermin.

EGM Agribusiness Andrew Beer says IAG has been working for some time on the standalone multi-peril product.

“Unlike other products in the market, our product gives farmers a choice around the yield amount they wish to cover [and] the ability to select the price per tonne paid for that shortfall,” he said.