The AgCarE certification evaluates a farm's natural capital, identifying opportunities for carbon sequestration and biodiversity enhancement. By achieving this certification, farmers demonstrate a commitment to sustainable land management, which WFI Insurance acknowledges through potential premium reductions ranging from a few hundred to several thousand dollars, depending on property size and policy coverage.
Andrew Beer, Executive General Manager of WFI Insurance, emphasised the importance of this initiative, stating that the insurer witnesses firsthand the impacts of climate change on rural communities. He highlighted that the AgCarE program offers direct financial and environmental benefits, encouraging farmers to adopt practices that mitigate climate risks.
Michael Guerin, interim CEO of AgCarE, underscored the dual benefits of the program, noting that strengthening food security can coincide with improving environmental outcomes. He pointed out that by baselining, leveraging, and investing in natural capital at both property and landscape levels, farmers can achieve these concurrent goals.
For farmers, this initiative presents an opportunity to align their operations with sustainable practices while benefiting from reduced insurance premiums. It also reflects a broader industry trend where insurers are recognising and incentivising risk-reducing behaviours among policyholders.
As climate change continues to pose challenges to the agricultural sector, such collaborations between insurers and sustainability programs are crucial. They not only provide financial incentives for farmers to adopt eco-friendly practices but also contribute to the resilience and sustainability of the farming industry as a whole.
