The European Insurance Bureau (EIB) said on Thursday that it is expanding its offer of “compromise” insurance policies for farmers, in response to the European Union’s (EU) move to introduce a more flexible system of insurance.
The EIB’s decision comes in response the EU’s decision to scrap its current system, which has been in place since 2007.
In the wake of the Brexit vote, the European Commission (EC) said it was going to scrap the current system and replace it with a system that could be rolled out to farmers across the EU.
The changes are designed to make farmers less dependent on the current EU system and to offer them more flexibility to manage the insurance they will receive from their farmers.
Under the new system, the insurance company would be able to offer flexible policies that are tailored to individual farmers, as well as to individual situations and needs.
The new EIB plan will cover all types of farm insurance, including farm animals, crops, livestock, poultry, livestock equipment, and products.
Farmers who are not members of a farm insurance company can still be covered under the existing system.
Under its new plan, the EIB said that it will extend its offer to include other types of insurance, such as those covering products from suppliers such as milk, meat, eggs and fish.
“As an insurance broker, we want to offer the same level of insurance coverage for farmers as other brokers,” said Andreas Zielinski, EIBs chief commercial officer.
“We are offering a much more flexible coverage for our members.”
In the past, Eibs membership of the insurance broker industry has included its own insurers, such to Farmers Mutual.
“Farming has long been a cornerstone of our business and it is a critical part of our core business, with many millions of euros being paid annually to Farmers,” said John Soder, Ebb and Flow, a group representing farmers.
“In order to stay competitive, we need to offer farmers the best insurance product and we are committed to doing this in our own way.”
The new offer of flexible insurance will be available to farmers and the farm insurance market in Germany and Austria.
“EIB has made its choice to support farmers who are considering switching to a flexible insurance system, so that they can choose the best product for their farm,” said Hans-Joachim Heuer, chairman of the Ebb-Flow group.
“The new Ebb Insurance system is designed to be the same as what other brokers offer, and we hope it will be a good choice for farmers who want to get into farming, or those who want a more stable financial position.”
Farmers Insurance has a turnover of €2.5 billion ($2.8 billion), according to the latest figures from the German Association of Farmers.