Integrating management decisions and insurance to drive climate adaptation in the agricultural industry
Presentation
Nguyen-Huy, Thong. 2023. "Integrating management decisions and insurance to drive climate adaptation in the agricultural industry
." Climate Adaptation 2023. Adelaide, Australia 25 - 27 Jul 2023 Australia.
| Paper/Presentation Title | Integrating management decisions and insurance to drive climate adaptation in the agricultural industry |
|---|---|
| Presentation Type | Presentation |
| Authors | Nguyen-Huy, Thong |
| Year | 2023 |
| Place of Publication | Australia |
| Web Address (URL) of Conference Proceedings | https://www.ivvy.com.au/event/CA2023/welcome.html |
| Conference/Event | Climate Adaptation 2023 |
| Event Details | Climate Adaptation 2023 Delivery In person Event Date 25 to end of 27 Jul 2023 Event Location Adelaide, Australia |
| Abstract | Insurance is a crucial topic for research, as it has the potential to offer farmers new options for self-managing climate risks. However, the key research challenge is how we effectively use adaptation and insurance together to ensure that (i) adaption remains viable and (ii) insurance is affordable. The challenge of designing affordable insurance options for the agricultural industry is also becoming more important and challenging as climate change and insurance premiums rise. Theoretically, the application of adaptation measures should reduce the risk of climate-related losses and hence the demand for insurance, thereby rendering insurance more cost-effective and viable. However, this hypothesis has not yet been tested. The knowledge gap stems from the lack of research on the potential integration of adaptation and insurance, and the need for quantitative investigations in this area to determine how these two domains can work in tandem, and whether they could lead to better adaptation outcomes. This project is integrating insurance solutions with optimal crop management strategies to maximise profitability and income stability. For example, this project will deliver innovative insurance options to help offset the financial effects of extreme drought and heat events should farmers plant in the optimal window to enhance yield potential and profitability. By developing ‘fit for purpose’ affordable insurance products this project will help drive climate adaptation, grow the self-reliance and performance (productivity and profitability) of the agricultural sector, and strengthen the wellbeing and social resilience of rural, regional, and remote agricultural dependent communities. The present study aims to establish a theoretical framework for combining adaptation and insurance to improve income stability in responding to drought and climate variability and change. Results of the preliminary analysis on the integration of management and insurance will be presented. |
| Keywords | Climate; risk; extremes; adaptation; insurance |
| ANZSRC Field of Research 2020 | 300210. Sustainable agricultural development |
| 410199. Climate change impacts and adaptation not elsewhere classified | |
| Public Notes | Files associated with this item cannot be displayed due to copyright restrictions. |
| Byline Affiliations | University of Southern Queensland |
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