Why has AXA entered the farm insurance market in Ireland?

We feel the market is not serviced as it ought to be and there is not enough competition in Ireland when it comes to farm insurance. It’s as simple as that. We know that farmers are always seeking out new ways to prosper, while building a future that will allow the next generation to thrive. Our ambition is to offer a more comprehensive farm insurance product than is available at present.

How will you service customers looking for farm insurance?

Up until now, we didn’t have a farm insurance offering at AXA, so this is an entirely new division for us. We now have a new farm hub in Athlone, which is where our dedicated agri-specialists are based, working with our customers through a telephone service. We also assist customers through our nationwide brokerage system, through our online service and in our branch network.

What farm insurance options does AXA provide?

AXA offers two comprehensive insurance options for farmers; our Smart Farm Easy policy and our Smart Farm Choices policy. If a farmer has less than 80 acres, we recommend they opt for the Smart Farm Easy product, which offers insurance cover in excess of anything farmers will have had previously. Where the farm is more than 80 acres, we recommend our Smart Farm Choices product, which offers a far more comprehensive insurance product for larger farms than is available elsewhere.

What new options have you developed in your farm insurance product?

AXA Smart Farm offers a complete insurance package, including hospitalisation cover. If a farmer is in hospital with an illness, they can select a capital benefit to cover that. We have also brought in a new discount system called the ‘‘low claims discount’’. This rewards farmers for having no claims or a low-claims record. If a farmer hasn’t had a claim in the previous three years, they will enjoy a 30% discount on their insurance premium. If the farmer has had one claim in the previous three years, they will receive a 20% discount on the policy. Even if the farmer has made two claims in the previous three years, they will still qualify for a 10% discount.

We’re also offering Basic Payment Scheme cover as an option for our customers. Specialist equipment, including camera monitors, AI flasks and other equipment will also be specifically covered under AXA’s farm insurance policies. We’re offering farmers competitive insurance on jeeps, particularly where the jeep is over 10 years old.

Do farmers employing people need to consider additional insurance cover?

Employer’s liability is an area of insurance that should be considered more carefully by farmers. Typically, up to 30% of farmers do not have employer’s liability because they do not have full or part-time paid labour working on the farm. Nevertheless, a farmer needs insurance cover in the eventuality that a neighbour, friend or relation who is helping to move cattle or some other once-off job, is injured in the process. Typically, voluntary helper insurance cover was a sub-set of employers public liability cover. However, AXA will offer it to farmers as a standalone option. In that way the smaller farmer, who wouldn’t normally need or have employer’s liability insurance, will be covered if there is an accident.