Workshop: Understanding natural capital's role in insurance for farms
Workshop investigating how insurance companies integrate natural assets into climate risk assessments and explore the potential for the insurance industry to incentivise increases in natural capital on farms.
Research Cluster
Research Partners
National Emergency Management Agency; Victorian Managed Insurance Authority; DEECA; Rabo Bank; Commonwealth Bank; NAB; NRM; Farmers for Climate Action; Greening Australia; Resilient Building Council
Project Team
Contact
Project summary
What if insurers could incentivise farmers to expand native vegetation? This project will host a knowledge-sharing workshop bringing together farmers, insurers, finance industry representatives, government agencies, and researchers. The workshop will investigate how insurance companies currently integrate natural assets into climate risk assessments and explore the potential for the insurance industry to incentivise increases in natural capital on farms.
What are we interested in?
Understanding the extent to which insurance companies integrate natural assets into climate risk assessments, terms of coverage, and pricing. There is potential for the insurance industry to incentivise native vegetation expansion in agricultural areas, but the current treatment of natural capital in farm insurance remains unclear.
The goals of our project
To create space for farmers to share knowledge of natural capital and risk with decision-makers; investigate how insurers incorporate natural assets into risk assessments; inform industry representatives about the risk-reduction properties of natural capital; and build cross-sector relationships for future collaborative research.
Outcomes / activities
Workshop on the University of Melbourne's Parkville campus with a summary document circulated through stakeholders networks and MBI communication channels