Australia’s long-struggling multi-peril crop insurance (MPCI) market has ground to a halt after an exodus of providers, according to a famers’ peak body.

The market is “effectively non-existent” this year, leaving GrainGrowers no choice but to scrap its annual review of covers.

“GrainGrowers is calling on political parties to address the market failure that exists in this insurance market,” the peak body says.

“In recent years, the GrainGrowers MPCI report has included a product review. This could not be included in the 2019 report due to the lack of product availability.

“The reason is simple. MPCI is largely not available in the Australian market [this year].”

Four providers that offered multi-peril crop cover last year – Insurance Facilitators, CGU/WFI, Latevo and Primacy – have exited, according to the GrainGrowers report. The handful of providers left mostly offer weather-derivative options or named peril policies.

Ausure is the only one offering MPCI, but only as renewals with existing clients.