Latevo has re-entered the Australian crop insurance market with a more “cost-effective” product.

The new product will be underwritten by “certain underwriters at Lloyd’s” and is more specific to individual farmers.

Latevo says it has also invested in technology to make the application process more user-friendly.

“Plenty of noise had been made that Multi-Peril Crop Insurance was too expensive for farmers,” the company said.

“The new offering, known as Latevo Farm Income Protection (FIP), comes in at no more than the cost of a summer spray, which is exactly the price range farmers and their representatives have been calling for.

“Price points can be as low as $14 per hectare and up to $26 per hectare for sizeable coverage of up to 90% of average crop income.”

The Latevo product will be offered to farmers through selected brokers and agents.