This report analyzes the agricultural risk management system in New Zealand, applying a holistic approach that considers the interactions between all sources of risk, farmers’ strategies and policies. The policy analysis is structured around three layers of risk that require a differentiated policy response: normal (frequent) risks that should be retained by the farmer, marketable intermediate risks that can be transferred through market tools, and catastrophic risk that requires government assistance. The risk management policy in New Zealand is focused on prevention of pest and disease incursions. Assistance related to natural catastrophes is delivered within the Adverse Events Framework programme. The government contributes to knowledge and information systems to support private risk management efforts.