Genesis QA drops rates
COMPETITION in the farm assurance market is heating up again after Genesis QA announced a cut in its subscription rates.
The drop follows last months decision by the Assured Combinable Crops Scheme to slash up to 50% off its tariff, which was in itself a response to competitor Farm Assured British Beef and Lambs own cuts in June.
Genesis members will now pay £150 for a 250ha (618 acre) arable farm, while an 80ha (198 acres) arable holding will cost £105. These rates undercut those offered by ACCS and FABBL by about £15.
Overall assurance costs have fallen by about 60% in the past year, but Genesis managing director Martin Barker reckons further cuts are unlikely. "Any extra cuts will come from operational efficiencies as membership grows." *