Nationwide Research Reveals Farmers Unprepared for Mounting Non-insurable Risks

Nationwide Research Reveals Farmers Unprepared for Mounting Non-insurable Risks

Columbus, OH - Today's farmers are facing more uncertainty than ever before. Yet, few feel truly prepared for what is ahead. New research from Nationwide reveals that 65% of farmers do not have a formal resiliency or risk management plan in place to help address operational and emerging disruption risks and their potential impact on the farm business. To help farmers strengthen their operations and plan for the unexpected, Nationwide has launched Farm Risk Ready^SM, a first-of-its-kind initiative that equips farmers with the tools to identify disruption risk and protect their future.

"Farmers today face disruption risks that are more complex and unpredictable than ever before," said Devin Fuhrman, Nationwide's Chief Agriculture and Sponsor Relations Officer. "The new Farm Risk Ready tools and resources are designed to help farmers move from a wait-and-see approach to a predict and prevent mindset. By understanding emerging risks and building an actionable plan, farmers can strengthen their operations and position themselves for long-term success."

The Need for Proactive Risk Management
The research conducted by Nationwide shows that farmers feel moderately prepared to manage disruption risks with readiness scores averaging at just five out of 10 (10 being completely prepared), highlighting the need to strengthen business resiliency across the industry. Farmers without resiliency plans tend to take a wait-and-see approach, with nearly half (47%) believing that if risk happens, they can address it at that time.

"Farmers have traditionally viewed risks in buckets like production and marketing," said Fuhrman. "While we typically think of farm risk as resulting in some form of physical loss, it can also take the form of a reputational or market access loss."

Today's risks extend far beyond the field. Regulatory changes, geopolitical tensions, disease outbreaks, market access challenges and supply chain disruptions have all surged. Creating resilience - the ability to anticipate, absorb, adapt, and recover from shocks quickly and effectively - is no longer optional. It's essential for surviving the unexpected.

Introducing Farm Risk Ready
Many farmers who lack a formal resiliency or risk management plan cite limited knowledge about how to build a strong response strategy, with 31% saying they don't know how or where to get help and 16% pointing to lack of time as key barriers. To address this gap and help farmers better prepare for future risk, Nationwide developed the Farm Risk Ready initiative, which provides tools and resources for identifying vulnerable areas and developing actionable plans tailored to individual operations.

Farm Risk Ready provides:

• An interactive risk assessment to gauge current preparedness and pinpoint areas for improvement.
• A plan builder to help farmers create a tailored Farm Risk Ready Plan for their operation.
• Learning materials and online resources that make risk planning approachable and practical.
• Future hands-on workshops that will provide expert guidance and peer learning to help farmers build and refine their plans.

As agriculture continues to evolve, so must the strategies farmers use to protect their businesses. Farm Risk Ready is designed to meet farmers where they are with practical support that fits into a farm's day-to-day activities.

"While it may be impossible to identify or plan for every future risk, creating a plan helps you prepare, minimize potential business disruptions and protect your bottom line," said Fuhrman.

Get Started Today
Farmers can start building a Farm Risk Ready Plan today at nationwide.com/farmriskready. With just a few clicks, farmers can take the first step toward building a stronger, more resilient future.

Explore the Farm Risk Ready research deck

Explore the white paper