Storm season is now underway in Queensland, ushered in with heavy rains and flooding across the state.
With the Bureau of Meteorology recently declaring that La Nina has developed in the Pacific Ocean, further weather impacts are expected throughout summer.
Typically associated with above-average spring rainfall for Australia, particularly across eastern, central and northern regions, it can also mean cooler days, more tropical cyclones, and an earlier onset of the first rains of the wet season across the north.
With Queensland the most disaster impacted state in Australia, farmers are looking to better understand, develop and adopt risk management strategies to manage uncertainty, spread risk and maintain business viability.
The Queensland Farmers' Federation (QFF) continues to push for innovation and development in crop insurance options to fill those coverage gaps and better equip farmers for the vagaries of life on the land.
Through the Queensland government's 'Drought and Climate Adaptation Program' QFF, the University of Southern Queensland and Willis Towers Watson are assessing and modelling parametric insurance options for farmers across the state.
And together with Queensland's agriculture industries, have delivered a pilot program with the intention of establishing a Discretionary Mutual Fund (DMF) to pool risk, provide a flexible option for crop insurance and empower farmers with a long-term industry owned tool for managing risk.
Agricultural insurance remains an underdeveloped risk management tool for farmers, but with the right policy settings and Queensland government support to capitalise a DMF, farm businesses can be further enhanced.
In the meantime, QFF encourages farmers to identify any infrastructure at risk of storm damage, clear debris from drainage channels and gutters, have a written emergency plan, communicate your plans with staff, suppliers, customers and neighbours, ensure access to a backup generator in the event of a power outage and to know your insurance cover.
Planning ahead is critical for disaster resilience and will ensure Queensland's farmers can focus on doing what they do best - producing world class food, fibre and foliage.
