A new farm insurance year beckons

What does stand out, however, is the increasing frequency of storms and weather disturbances of this nature. January has only just arrived, yet we’ve already reached the letter ‘E’ in naming these storm-related events.

Unfortunately, this is becoming a consistent trend, suggesting that our future is inextricably linked with a greater risk of storm damage impacting agricultural businesses.

Farmers are beginning to take note of this reality. Storm cover is an optional feature that can be included in an overall farm policy.

However, those wishing to add this facility mid-term should note that the cover only becomes effective 10 to 14 days after the agreement is enacted.

Meanwhile, a new farm insurance year begins. The past 12 months can best be described as a hard market for the insurance sector. Throughout the year, the industry faced continued pressure on policy premiums, driven by systemic shocks stemming from Brexit, the Covid pandemic, and the ongoing war in Ukraine. Rising costs were a reality for all businesses, including insurers.

Looking ahead, however, there are signs of calmer waters. The challenges of recent years have been absorbed by the insurance industry, raising hopes that pressure on premiums will ease as the market moves into 2025.

From a farming perspective, 2024 ended on a high note. The weather remained fair throughout the harvest season and beyond, while farm gate prices for most commodities rose significantly.

As 2025 stretches out before us, there is every reason to believe these positive trends will continue. This is undoubtedly good news for farming in Northern Ireland.

Significantly, these trends have a direct impact on how farmers should plan their insurance cover. Enhanced farm gate returns have increased the value of livestock and produce, making it vital for farmers to reflect these higher valuations in their insurance policies. Once these figures are included in a policy, they cannot be changed during the period of cover.

At Abbey Autoline, 2024 saw us secure an increased number of policies for our farming customers – part of a consistent trend. Our business retention rates remain high, while the number of new clients we work with continues to grow.

Driving this success is the dedication of our bespoke agricultural team.

Our attendance at key farming events, such as the Balmoral Show and the Royal Ulster Winter Fair, allows us to connect meaningfully with farming clients.

The upbeat mood at the 2024 Winter Fair was particularly encouraging, with farmers across all sectors expressing growing confidence for the year ahead.

So yes, the year ahead holds a high degree of promise. Let’s hope this potential is converted into a fruitful reality.

Finally, may I take this opportunity to wish all readers of Farming Life a very Happy and Peaceful New Year.